NYT: Venezuela offers US control over oil, minerals in bid to repair ties

Venezuelan officials, in a bid to repair relations with the United States, offered the Trump administration sweeping economic concessions—including a dominant stake in the country’s oil and mineral wealth—according to multiple people familiar with the talks.

The offer, which remained on the table for months, came even as the Trump administration labeled President Nicolás Maduro’s government a “narco-terror cartel,” deployed warships to the Caribbean, and began blowing up boats allegedly carrying drugs from Venezuela, The New York Times writes. 

In negotiations between a senior US official and Maduro’s top aides, Venezuela proposed opening all current and future oil and gold projects to American companies. Maduro also offered to give preferential contracts to US firms, reroute oil exports from China to the United States, and cut ties with Chinese, Iranian, and Russian energy and mining firms.

Despite the sweeping terms, the Trump administration rejected the proposal and cut off diplomatic talks with Venezuela last week, effectively killing the deal for now.

The diplomatic breakdown and military posturing have fueled speculation that Washington’s true goal is regime change. Many in both countries believe the US aims to remove Maduro from power.

Senator Marco Rubio, along with the Secretary of State and the National Security Adviser, led the administration's hardline stance. Rubio has called Maduro an illegitimate leader and “a fugitive from American justice,” and expressed skepticism over diplomacy led by special envoy Richard Grenell.

Meanwhile, Venezuela’s state oil company granted Chevron full control over their joint ventures and is in talks to offer the US oil giant a stake in a major new oil field. Efforts have also been made to restore relations with ConocoPhillips, which exited Venezuela in 2007. The Maduro government and Conoco have recently discussed a new oil trading deal.

Chevron stated its operations in Venezuela comply with US and Venezuelan laws. Conoco declined to comment.

Additionally, the US Treasury Department issued a license on October 7 allowing Shell to resume work in Venezuela. The new permit may enable Shell to start producing gas from a large offshore field as early as next year. Maduro has reportedly agreed to let Shell invest in social projects in Venezuela in lieu of paying the government directly—part of an effort to demonstrate that the country remains open for business.

By Sabina Mammadli