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Trump urges $100B in oil investments in Venezuela as Exxon says it’s ‘uninvestable’ without reforms

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President Donald Trump said American oil companies—as well as some European players—will spend at least $100 billion in Venezuela to “very rapidly rebuild [its] dilapidated oil industry” and create great wealth during a meeting with top oil executives Jan. 9 at the White House.

But the CEOs of ExxonMobil, ConocoPhillips, and more quickly put a damper on the message, saying it will take considerable time to enact necessary legal reforms and security measures within the country before they can make any long-term commitments to reenter Venezuela for decades to come.

“Today, it’s uninvestable,” Exxon Chairman and CEO Darren Woods said of Venezuela. “Significant changes have to be made to those commercial frameworks, the legal system. There has to be durable investment protections.”

Woods said Exxon could have a technical team on the ground in Venezuela in less than two weeks to begin assessing the situation. But he was non-committal beyond that. He expressed confidence the Trump administration and the acting Venezuelan leadership can work out the necessary reforms.

“We’ve had our assets seized there twice,” Wood said, noting that Exxon’s Venezuelan assets were most recently expropriated in 2007. “So, you can imagine to reenter a third time would require some pretty significant changes from what we’ve historically seen here and what is currently the state.”

Trump has used the 2007 expropriation in Venezuela, specifically from Conoco and Exxon, as a pretense for the shocking Jan. 3 military attack and arrest of leader Nicolás Maduro, as well as for claims of drug and human trafficking. Trump has repeatedly called the expropriations the largest theft in American history.

“We’re going to start talking about the confines of a deal,” Trump said at the end of the public meeting before starting a private sit down. “We have to get [oil companies] to invest, and we have to get their money back as quickly as we can, and then we can divvy it all up between Venezuela and the United States and them. I think the formula is simple … It’s going to be a tremendous success.”

Big oil urges caution

Trump told Woods and others he wants “speed and quality.”

Mark Nelson, the vice chairman of Chevron, the only American producer currently operating in Venezuela under a special license, said it could hike its oil flows by 50% in less than two years as part of a “phase one.” But that would equate to raising the country’s overall volumes from almost 1 million barrels of oil daily to more than 1.1 million barrels for a country—with the world’s largest proven oil reserves—that peaked decades ago with an output of nearly 4 million barrels.

Energy analysts see Chevron—now operating in partnership with Venezuelan state oil company PDVSA—as the biggest winner in Venezuela because of its existing presence and infrastructure, while others remain hesitant to invest. “We are certainly committed to [Venezuela’s] present,” Nelson said, “and we very much look forward as a proud American company to help it build a better future.”

More than doubling Venezuela’s current oil production likely would take until 2030 and cost about $110 billion, according to research firm Rystad Energy, while tripling back to levels from 2000 would take well over a decade and cost closer to $185 billion.

Similar to Exxon, ConocoPhillips Chairman and CEO Ryan Lance expressed interest but he argued major reforms are required first. Conoco is the largest creditor from Venezuela’s natural resources expropriations from almost 20 years ago.

“As we think big and bold, we need to be also thinking about even restructuring the entire Venezuelan energy system, including PDVSA,” Lance said. “If we can do that and think bold, there’s opportunity.”

Trump told Lance that companies will start with a “clean slate” and not be reimbursed for past write offs, which Lance said were valued at about $12 billion for Conoco.

Trump did eventually acknowledge the risk the oil companies would take when asked about “backstops.” “They know the risks. There are risks. We’re going to help them out. We’re going to make it easy, and they’re going to be there for a long time.”

Interest across the value chain

Leaders of European oil producers, Italy’s Eni and Spain’s Repsol, which have a Venezuelan joint venture together, both informed Trump they want to invest more and grow production. And some private U.S. oil producers, such as Hilcorp and Armstrong Oil & Gas, said they are interested in producing oil from Venezuela.

Shell CEO Wael Sawan also said the Big Oil giant may invest a “few billion dollars” in Venezuela.

Top drillers and oilfield services firms Halliburton and SLB, the latter of which currently works with Chevron there, also said they aim to do more.

However, most of what the executives said was “cheerleading” for Trump, while Exxon provided the key reality check, said Dan Pickering, founder of the Pickering Energy Partners consulting and research firm.

“The interest is high; the willingness is unclear,” Pickering said of companies investing billions of their dollars in an unstable Venezuela.

He predicts Venezuela could realistically raise its production by 50% within three years, but that would still fall well short of its historic volumes. And most of the U.S. oil companies on the outside looking in only see new Venezuelan oil as competition that would lower oil prices and profits, Pickering said. “There is no good news for [U.S.] shale in a reopening of Venezuela. They’re not going to be happy.”

For Trump, that means lower prices at the pump, which he values.

Trump reiterated that the U.S. is in the process of taking at least 30 million barrels of Venezuelan crude oil over time to the U.S. Gulf Coast to sell to U.S. refiners and others as part of a deal with Venezuela. The proceeds would be controlled by the White House in external bank accounts and mostly returned to Venezuela pending government cooperation.

Several of the largest Gulf Coast refineries are configured to process the extra-heavy grades of crude oil produced from Venezuela. The leaders of top U.S. refiners Valero Energy and Marathon Petroleum told Trump they’re able to take many more Venezuelan barrels.



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Florida man who grabbed Nancy Pelosi’s podium during Capitol riot runs for county office

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A man who grabbed then-House Speaker Nancy Pelosi’s podium and posed with it for photographs during the U.S. Capitol riot is running for county office in Florida.

Adam Johnson filed to run as a Republican for an at-large seat on the Manatee County Commission on Tuesday. That was the fifth anniversary of the Jan. 6 riot, where he was photographed smiling and waving as he carried Pelosi’s podium after the pro-Trump mob’s attack on Jan. 6, 2021.

Johnson told WWSB-TV that it was “not a coincidence” that he filed for office on Jan. 6, saying “it’s definitely good for getting the buzz out there.” His campaign logo is an outline of the viral photograph of him carrying the podium.

He’s far from the first person implicated in the Jan. 6 riot to run for office. At least three ran unsuccessfully for Congress in 2024 as Republicans. And there are signs that the Republican Party is welcoming back more people who were convicted of Jan. 6 offenses after Trump pardoned them.

Jake Lang, who was charged with assaulting an officer, civil disorder and other crimes before he was pardoned, recently announced he is running for Secretary of State Marco Rubio’s vacant U.S. Senate seat in Florida.

Johnson placed the podium in the center of the Capitol Rotunda, posed for pictures and pretended to make a speech, prosecutors said. He pleaded guilty in 2021 of entering and remaining in a restricted building or ground, a misdemeanor that he equated to “jaywalking” in the interview.

“I think I exercised my First Amendment right to speak and protest,” Johnson said.

After driving home, Johnson bragged that he “broke the internet” and was “finally famous,” prosecutors said.

Johnson served 75 days in prison followed by one year of supervised release. The judge also ordered Johnson to pay a $5,000 fine and perform 200 hours of community service.

Johnson told U.S. District Judge Reggie Walton at sentencing that posing with Pelosi’s podium was a “very stupid idea” but now says he only regrets his action because of the prison sentence.

“I walked into a building, I took a picture with a piece of furniture, and I left,” he now says.

Four other Republicans have filed to run so far in the Aug. 18 primary in what’s a deeply Republican county. The incumbent isn’t seeking reelection.

In March 2025, Johnson filed a lawsuit against Manatee County and six of its commissioners, objecting to the county’s decision not to seek attorney’s fees from someone who sued the county and dropped the lawsuit. The county has called Johnson’s claims “completely meritless and unsupported by law.”

Johnson said he objects to high property taxes and overdevelopment in the county south of Tampa, claiming current county leaders are wasteful.

“I will be more heavily scrutinized than any other candidate who is running in this race,” Johnson said. “This is a positive and a good takeaway for every single citizen, because for once in our life, we will know our local politicians who are doing things.”



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‘We don’t want to be Americans, we don’t want to be Danes, we want to be Greenlanders’: Local politicians reject Trump

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Greenland’s party leaders have rejected President Donald Trump’s repeated calls for the U.S. to take control of the island, saying that Greenland’s future must be decided by its people.

“We don’t want to be Americans, we don’t want to be Danes, we want to be Greenlanders,” Greenland Prime Minister Jens-Frederik Nielsen and four party leaders said in a statement Friday night.

Trump said again on Friday that he would like to make a deal to acquire Greenland, a semiautonomous region that’s part of NATO ally Denmark, “the easy way.” He said that if the U.S. doesn’t own it, then Russia or China will take it over, and the U.S. does not want them as neighbors.

“If we don’t do it the easy way, we’re going to do it the hard way,” Trump said, without explaining what that entailed. The White House said it is considering a range of options, including using military force, to acquire the island.

Greenland’s party leaders reiterated that “Greenland’s future must be decided by the Greenlandic people.”

“As Greenlandic party leaders, we would like to emphasize once again our wish that the United States’ contempt for our country ends,” the statement said.

Officials from Denmark, Greenland and the United States met Thursday in Washington and will meet again next week to discuss the renewed push by the White House for the control of the island.

Danish Prime Minister Mette Frederiksen has warned that an American takeover of Greenland would mark the end of NATO.

The party leaders’ statement said that “the work on Greenland’s future takes place in dialogue with the Greenlandic people and is prepared on the basis of international laws.”

“No other country can interfere in this,” they said. “We must decide the future of our country ourselves, without pressure for quick decision, delay or interference from other countries.”

The statement was signed by Nielsen, Pele Broberg, Múte B. Egede, Aleqa Hammond and Aqqalu C. Jerimiassen.

While Greenland is the largest island in the world, it has a population of around 57,000 and doesn’t have its own military. Defense is provided by Denmark, whose military is dwarfed by that of the U.S.

It’s unclear how the remaining NATO members would respond if the U.S. decided to forcibly take control of the island or if they would come to Denmark’s aid.

This story was originally featured on Fortune.com



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From Merrill Lynch to wok station: the daughter of San Francisco’s Chinese food dynasty who defied her parents—by working alongside them

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For decades, the crowds outside House of Nanking have been a fixture of San Francisco’s Chinatown, with lines frequently wrapping around the block to get a seat in the cramped, high-energy dining room, under the iconic, multicolored sign that crowns Kearny Street. But for Kathy Fang, the restaurant’s heir apparent, her presence in that kitchen represents a sharp deviation from the “American Dream” her parents envisioned for her—a deviation that initially caused them deep dismay.

Peter Fang, the restaurant’s legendary patriarch, and his wife did not build House of Nanking so their daughter could inherit it, Kathy Fang told Fortune in a recent interview. To them, cooking was a necessity born of survival, not a career choice for the educated. “For my parents being very traditional, they also didn’t want me to do it,” she explained. “In fact, we have a saying that, you know, if you don’t cut it in school, you can always go be a cook because it’s considered manual labor. You don’t need to have a proper education to go work in a kitchen.”

Her parents don’t know about “foodie” culture, she explained, and don’t even know how famous they’ve become. Speaking to Fortune as she releases the first-ever cookbook dedicated to her family’s restaurant, she said even that was a struggle.

“It took me decades,” she said about convincing her father to go along with it. “He thought that if he shared his recipes, people would just make it at home and not come to the restaurant anymore.” He didn’t understand his restaurant is a San Francisco institution, frequented by the likes of Francis Ford Coppola and Keanu Reeves, celebrities that her father wouldn’t—and didn’t—recognize anyway.

The House of Nanking on Kearny Street is a legendary eating institution that often has long lines of hungry diners hoping for a table. Renowned as much for it’s surly service as the food, it is worth the wait. Taken in San Francisco’s Chinatown.

Michael Robinson Chavez/Los Angeles Times via Getty Images

Fang, who recently turned 40, shared Reeves was her favorite actor since high school, and the first time he visited her family’s restaurant, she begged her father not to make him wait in the queue stretching around the block, as it does every night. His response was that “everybody waits in line,” until she promised to get straight A’s, and he relented. What happened next summed everything up.

“[My dad] walks up to him and says something to him. Then looks at me and goes, ‘Kathy, come over, take a picture with him. It’s Sean Connery.’ And I’m like, ‘Oh, my God. My dad doesn’t know anybody, but he’s heard of Sean Connery.” Reeves, who is famously polite and good-hearted, told the Fangs that he was “really flattered.”

“We took a picture that day and that picture sits on the wall at the restaurant,” Fang said, happily. “But the story is that nobody there knows any of the famous people who go in.” As a born and raised Californian, she would know all the celebrities, she added, but she’s always busy, running her own restaurant, Fang, in the SoMa business district, which is about a 20-minute walk away. Fang and Reeves recreated the photo 29 years later, as shown by the House of Nanking’s Instagram.

Kathy Fang is a busy businesswoman. Besides running her Fang restaurant and releasing a cookbook, she is a Food Network star as a two-time Chopped champion and a cast member of Chef Dynasty: House of Fang.” San Francisco Magazine even crowned her as a “culinary queen,” and she’s the mother of two children with her husband who, she notes, doesn’t even like Chinese food. She talked to Fortune about how she disappointed her parents by failing to become a doctor or lawyer—and finally found out how proud they were of her through her reality TV side hustle.

A calling to a crowded kitchen

Like many immigrants to the U.S. (the Fangs moved to San Francisco from the Shanghai area), the Fangs pushed Kathy toward a stable, prestigious future.

“They wanted me to be a doctor or a lawyer [or] go into the corporate world,” she said. She dutifully followed this path to the University of Southern California as a pre-med student, only to discover that, while she had no fear of cooking oil in a giant wok, she had no stomach for medicine.

“I realized I was terrified of needles, like irked by hospitals,” she said. “That would be a problem. Yeah, I still to this day cannot see a needle go into an arm.”

She subsequently landed in the corporate world, working at Fortune 100 company Johnson & Johnson and Wall Street stalwart Merrill Lynch. But the corporate environment left her feeling uninspired. When she finally called her father to announce she was quitting her job to return to the family restaurant, he was befuddled and upset. “He’s like, ‘Why, did you get fired or something?’” Kathy recalled, and she responded: “No, I just really don’t like what I’m doing and I love food, I love cooking and I like miss that kind of environment.”

The environment she missed is one of organized chaos and high-pressure efficiency. While she declined to disclose financials, and acknowledged Fang had struggled more during the pandemic (as many restaurants did), she acknowledged her family’s restaurant is a “cash cow” that has served an estimated 5 million to 6 million people over its 38 years in business, quite a feat considering the tiny footprint.

“That’s tough when you think about how big the restaurant was when they first got started,” she said, noting it could only seat 30 to 40 people for its first decade in business. “And the kitchen can only fit about two to three people.” It’s since doubled the size of its dining room, but “the kitchen hasn’t changed at all. It’s just kind of wild.”

A business career to be proud of

Kathy’s return marked a turning point for the brand. While Peter Fang had built the restaurant’s reputation through culinary ingenuity, the family was media-shy, unlike their telegenic, media-savvy daughter. She said she was approached to try food television, and she sees it as something that allowed her to share her family’s story.

“I felt like I was kind of helping build this brand that my parents already built,” she said. “Everybody knows House of Nanking, but they’d never done anything with it. They’d never done any marketing, never done any PR around it.”

Her involvement proved to her father the business could be multigenerational, easing his fears the restaurant would die when he could no longer work.

“My dad now knows that this is something that can continue down generations,” Kathy notes, adding he even looks at his 8-year-old granddaughter as a potential future successor.

Fang said strangers and customers at the restaurant have come up to her and said, “your dad’s so proud of you,” and about three years ago, she recalled, during filming for the Chef Dynasty show, her dad said during a green-room recap interview, “I’m just very proud.” But she’s never heard it directly from him. “My dad will never tell me, and that’s a very Chinese thing, they just, they’ll never compliment you to your face.”

The restaurateur shared that one of her big jobs now is managing her parents’ workload. Now in their mid-70s, they still both work the lunch and dinner shifts every single day. The thing is, Fang noted, the 18-month hiatus during the pandemic revealed that retirement might not be an option; during the lockdown, Kathy’s mother, restaurant co-founder Lily, developed health issues from no longer being on her feet all day, and her father actually went totally silent.

“My dad lost his voice because he was using it every day that the vocal cords became weak,” Kathy said. “It’s like wild… As soon as he got back to work and started using his voice again, it came back.”

She said there’s no plan for them to slow down anytime soon. “They like the routine. Staying at home is not good for them. They also, because they work every day, have never developed any hobbies or made any friends,” she said with a laugh.

There aren’t plans to further expand, either. Kathy said she respects her father’s wish to keep the business small and Chinatown-bound, waving off talk of any kind of nationwide expansion.

“I’m not going to do it if my dad doesn’t want to,” she said. “It would kind of lose that essence and soul to it.”





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