Trump: "Oil talks with India and Venezuela… Chinese investment also welcome"

JOON HYOUNG LEE

Summary

It was reported that U.S. President Donald Trump said he is in talks with India on a deal to purchase Venezuelan crude.
It was reported that Trump welcomed China’s participation in investment in Venezuelan oil and said he would offer good terms for the deal.
It was reported that after the Venezuelan government approved tax cuts and expanded equity ownership for foreign oil companies, the U.S. Treasury Department issued licenses allowing U.S. companies to export, sell and refine Venezuelan crude.

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The U.S. is said to be in talks with India and Venezuela over oil. U.S. President Donald Trump also left the door open to potential Chinese investment in Venezuelan oil.

According to Bloomberg on the 1st (local time), Trump told reporters aboard Air Force One the previous day (31st) that he was "in talks on purchasing Venezuelan crude with India." He said, "India will buy Venezuelan crude instead of Iranian crude," adding that "the deal has already been done, and a conceptual framework is in place."

He also mentioned the possibility of Chinese investment. Trump said, "If China participates (in investing in Venezuelan oil), that would be welcome," adding that he would "offer good terms" for the deal.

Meanwhile, the Venezuelan government recently approved measures allowing tax cuts and expanded equity ownership for foreign oil companies. In response, the U.S. Treasury Department issued licenses allowing U.S. companies to export, sell and refine crude produced in Venezuela.

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