Texas [US]: US President Donald Trump on Friday said the United States plans to refine Venezuelan crude oil in Texas for export, describing the arrangement as advantageous for both countries and promising to help “build” Venezuela’s economy after years of turmoil.
Addressing a gathering in Texas, Trump said that crude oil from Venezuela would be brought to American soil, refined in US facilities and then exported globally. He indicated that the plan would allow the US to keep some of the refined oil for domestic use while also supplying portions back to Venezuela, which he said would help the South American nation generate substantial revenue.
“For the benefit of both our nations, we’re going to refine their oil right here in America and right here in Texas and then export it all over the world. We’re going to keep some for ourselves. We’re going to give some to them, and they’re going to make more money than they’ve ever made before,” Trump said, asserting that the arrangement would contribute to reconstructing a country that he described as having been in “disaster.”
Trump said he enjoys a “great relationship” with the Venezuelan government and pointed to a reported increase in Venezuelan crude exports to the US as evidence of strengthening ties.
“Crude oil exports are up by hundreds of thousands of barrels a day,” he added, citing figures that indicate the uptick. “Think 80 million barrels of oil. Think of what that means. That’s great for Venezuela, and it’s great for us,” he said during the remarks.
The comments follow recent developments in Venezuela, where the US has asserted influence over the country’s oil sector after a controversial military operation early this year that resulted in the capture of former President Nicolás Maduro and subsequent shifts in political leadership and energy policy.
Trump’s proposal, which involves utilising US refining capacity to process heavy Venezuelan crude, comes amid broader debates over the role of American involvement in Venezuela’s oil industry — a sector experts say could require significant investment and time to restore to full production levels.
