Trump's Remarks Could Keep Exxon Out of Venezuela Following CEO's 'Uninvestable' Claim

By Jarrett Renshaw, January 11 (Reuters) - U.S. President Donald Trump indicated on Sunday that he might block Exxon Mobil from investing in Venezuela after the company's CEO labeled the South American nation as 'uninvestable.' During a White House meeting on Friday with other oil executives, Darren Woods, the CEO of Exxon Mobil Corp, informed Trump that Venezuela would need to amend its laws before it could present a viable investment opportunity. This statement posed a setback for Trump's goal of persuading U.S. oil firms to inject billions into revitalizing Venezuela's oil industry. 'I didn’t like Exxon’s response,' Trump told reporters aboard Air Force One on his return to Washington on Sunday. 'I will probably lean towards keeping Exxon out. I was not impressed with their answer. They are just playing games.' Exxon did not immediately respond to a request for comment. Woods also noted, 'Our assets there have been seized twice, so you can imagine that re-entering a third time would require some significant changes from what we've historically experienced.' He emphasized the need for lasting investment protections and reforms to the country's hydrocarbon laws, stating, 'Looking at the existing legal and commercial frameworks in Venezuela today, it is uninvestable.' (Report by Jarrett Renshaw; Additional reporting by Sheila Dang; Edited by Himani Sarkar and Jamie Freed. Spanish translation by Natalia Ramos)