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US secures partial control over Venezuela’s oil after new deal

From FBC News · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

Press release Official statement New plan
  • The United States and Venezuela reached a deal that gives Washington partial control over Venezuela’s oil reserves.
  • NABEP said it plans to invest up to $100 billion to rapidly expand oil production and infrastructure in Venezuela.
  • The company said the investment would support economic growth and thousands of high-paying jobs in Venezuela.

A new deal between Washington and Caracas gives the United States partial control over Venezuela’s oil reserves, according to the announcement.

The agreement comes days before the release of plans from NABEP, which said it intends to invest up to $100 billion in new oil infrastructure in Venezuela. The company described the plan as an effort to rapidly expand production.

NABEP said the investment would help drive Venezuela’s economic growth and support thousands of high-paying jobs in the country.

NABEP has developed an ambitious plan to rapidly scale production by investing up to $100 billion in new oil infrastructure in Venezuela, helping to drive economic growth, support thousands of high-paying jobs in Venezuela, and

— NABEPThe company described its planned investment following the US-Venezuela deal.
About this summary

Originally published by FBC News in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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