Venezuela attracts American oil companies with new appointments

(Patria) - Interim President of Venezuela Delcy Rodriguez has appointed a US-educated banker to head the country's main investment agency, in an apparent attempt to get closer to American investors after the ousting of Nicolas Maduro, AFP reported.

Rodriguez dismissed a close Maduro associate to make way for Calixto Ortega, the country's former central bank chief, to head the International Center for Productive Investment.

Ortega was previously stationed in Houston, the Texas city at the heart of the US refining industry, as part of Venezuela's diplomatic mission.

Analysts described the move as another signal to President Donald Trump that Venezuela is ready to give American oil companies primary access to its energy sector.

Writing on social media X, Rodriguez said the appointment would allow for "continuous attraction of national and international investments" to boost economic recovery.

Ortega replaced Alex Saab, a Colombian-born Venezuelan considered very close to Maduro.

Saab was dismissed last week when Rodriguez removed him as industry minister. Washington had previously accused Saab of money laundering.

Phil Flynn, an analyst at Price Futures Group, told AFP that he saw Ortega's appointment as "a signal to the Trump administration that Venezuela wants to play by the rules".

"It shows proactive efforts to attract major international players like Chevron and ExxonMobil" and thereby "significantly increase crude oil production," he said.

Oil companies 'demand stability'

Trump claims Washington has effectively managed Venezuela since January 3, when US forces abducted Maduro from a military complex in Caracas and took him to a prison in New York.

The US President supported Rodriguez to replace Maduro, warning that he would pay "a very big price, probably bigger than Maduro" if he did not follow Washington's line.

He says oil companies are ready to invest at least $100 billion in Venezuela.

"The experience and investment of many American companies will be necessary to revitalize the country's oil and gas production," Rob Thummel, a senior portfolio manager at Tortoise Capital, told AFP.

But these companies would "demand stability and political clarity" before investing huge sums in that effort, he added.