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US President Donald Trump has said he would welcome Chinese investment in Venezuela’s oil industry as the country seeks to revive its economy following the removal of former leader Nicolas Maduro.
Trump made the remarks on Saturday, noting that Venezuela, which holds the world’s largest proven oil reserves, had reformed its oil laws to allow greater private and foreign participation in the sector.
Speaking to reporters aboard Air Force One, Trump said China would be welcome to enter oil deals in Venezuela, adding that such investment could be beneficial.
He also referenced a recent energy cooperation agreement between Venezuela and India, under which India is expected to purchase Venezuelan oil instead of importing from Iran.
“China is welcome to come in and would make a great deal on oil. We welcome China.
“India is coming in and they’re going to be buying Venezuelan oil as opposed to buying it from Iran, so we’ve already made that deal, the concept of the deal, but China is welcome to come in and buy oil,” Trump said.
The US president said Washington was working closely with Venezuela’s current leadership and that both countries would share in oil revenues. He expressed confidence that the arrangements would significantly boost Venezuela’s earnings while also benefiting the United States.
“We’re going to be selling a lot of oil, and we’ll take some, and they’ll take a lot, and they’re going to do very well. They’re going to make more money than they’ve ever made, and it’s going to be beneficial to us,” he said.
Trump further suggested that the US could pursue a future agreement with Cuba, saying Washington might be open to negotiations after previously warning of tariffs on countries supplying oil to Cuba.
“I think they probably would come to us and want to make a deal so Cuba would be free again.
“I think we’re going to work a deal with Cuba. I think, you know, we’ll be kind.”
China had been a major buyer of Venezuelan oil under Maduro, whose capture by US forces drew condemnation from Beijing and raised uncertainty about future ties between China and Caracas.
