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Trump seeks $100bn for Venezuela oil, but Exxon boss says country ‘uninvestable’

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Trump seeks 0bn for Venezuela oil, but Exxon boss says country ‘uninvestable’


Natalie ShermanBusiness reporter

Watch: Trump outlines plan for Venezuela oil after Maduro ouster

US President Donald Trump has asked for at least $100bn (£75bn) in oil industry spending for Venezuela, but received a lukewarm response at the White House as one executive warned the South American country was currently “uninvestable”.

Bosses of the biggest US oil firms who attended the meeting acknowledged that Venezuela, sitting on vast energy reserves, represented an enticing opportunity.

But they said significant changes would be needed to make the region an attractive investment. No major financial commitments were immediately forthcoming.

Trump has said he will unleash the South American nation’s oil after US forces seized its leader Nicolas Maduro in a 3 January raid on its capital.

“One of the things the United States gets out of this will be even lower energy prices,” Trump said in Friday’s meeting at the White House.

But the oil bosses present expressed caution.

Exxon’s chief executive Darren Woods said: “We have had our assets seized there twice and so you can imagine to re-enter a third time would require some pretty significant changes from what we’ve historically seen and what is currently the state.”

“Today it’s uninvestable.”

Venezuela has had a complicated relationship with international oil firms since oil was discovered in its territory more than 100 years ago.

Chevron is the last remaining major American oil firm still operating in the country.

A handful of companies from other countries, including Spain’s Repsol and Italy’s Eni, both of which were represented at the White House meeting, are also active.

Trump said his administration would decide which firms would be allowed to operate.

“You’re dealing with us directly. You’re not dealing with Venezuela at all. We don’t want you to deal with Venezuela,” he said.

The White House has said it is working to “selectively” roll back US sanctions that have restricted sales of Venezuelan oil.

Officials say they have been coordinating with interim authorities in the country, which is currently led by Maduro’s former second-in-command, Vice-President Delcy Rodríguez.

But they have also made clear they intend to exert control over the sales, as a way to maintain leverage over Rodríguez’s government.

The US this week has seized several oil tankers carrying sanctioned crude. American officials have said they are working to set up a sales process, which would deposit money raised into US-controlled accounts.

“We are open for business,” Trump said.

Watch: Mixed reactions among some Trump supporters to Venezuela operation

Venezuela’s oil production has been hit in recent decades by disinvestment and mismanagement – as well as US sanctions. At roughly one million barrels per day, the country accounts for less than 1% of global supply.

Chevron, which accounts for about a fifth of the country’s output, said it expected to bolster its production, building on its current presence, while Exxon said it was working to send in a technical team to assess the situation in the coming weeks.

Repsol, which currently boasts output of about 45,000 barrels per day, said it saw a path to triple its production in Venezuela over the next few years under the right conditions.

Executives at other firms also said Trump’s promises of change would encourage investment and they were hoping to seize the moment.

“We are ready to go to Venezuela,” said Bill Armstrong, who leads an independent oil and gas driller. “In real estate terms, it is prime real estate.”

But analysts say meaningfully increasing production would take significant effort.

“They are being as polite as humanly possible, and being as supportive as they can, without committing actual dollars,” said David Goldwyn, president of the energy consultancy Goldwyn Global Strategies and former US state department special envoy for international energy affairs.

Watch: How the US attack on Venezuela unfolded

Exxon and Shell are “not going to invest single-digit billions of dollars, much less tens of billions of dollars”, without physical security, legal certainty and a competitive fiscal framework, Goldwyn said.

“It’s not really welcome from an industry point of view,” he said. “The conditions are just not right.”

While smaller companies might be more eager to jump in and help boost Venezuela’s oil production over the next year, he said those investments would likely hover in the $50m range – far from the “fantastical” $100bn figure that Trump has floated.

Rystad Energy estimates it would take $8bn to $9bn in new investments per year for production to triple by 2040.

Trump’s suggested $100bn of investment into Venezuela could have a major impact on production – if it were to materialise, said the firm’s chief economist, Claudio Galimberti.

He said companies would only be likely to invest on that scale with subsidies – and political stability. Americans should not expect the situation in Venezuela to lower oil prices anytime soon, he added.

“It’s going to be difficult to see big commitments before we have a fully stabilised political situation and that is anybody’s guess when that happens,” he said.

Additional reporting by Danielle Kaye



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EV adoptions gathers pace in 2025: Sales hit 2.3 million units; UP, Maharashtra lead sales – The Times of India

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EV adoptions gathers pace in 2025: Sales hit 2.3 million units; UP, Maharashtra lead sales – The Times of India


India sold were at 2.3 million units of electric vehicle in 2025, making up 8 per cent of all new vehicle registrations, according to a new report by the India Energy Storage Alliance, based on Vahan Portal data, cited by ANI. This boost was driven by incentives offered by the government and festive seasons. The majority portion of the sales were two-wheelers at 1.28 million units.The total registrations recorded in the overall passenger car market in the year 2025 stood at 28.2 million. Two-wheelers marked the most registrations 20 million registrations, while passenger cars were at 4.4 million and agricultural vehicles recorded 1.06 million. The recorded sales rose steadily throughout the year though slightly improved in the festival seasons due to GST benefits.Electric two-wheelers were the stars of the EV market, grabbing 57 per cent of sales. Three-wheelers came second with 0.8 million units (35 per cent), while four-wheelers logged 175,000 units. The report spotted good progress in electric delivery vehicles, especially in smaller commercial segments.Uttar Pradesh was at the forefront in this, with 400,000 units sold, taking an 18 percent market share in India’s EV segment. Maharashtra followed, with 266,000 units sold, contributing 12 percent to the segment, followed by Karnataka, with 200,000 units sold, contributing 9 percent to the market. The three accounted for over 40 percent in the country’s EV sales.Some smaller states recorded a very encouraging uptake of EVs. Delhi, Kerala, and Goa were able to reach an EV-to-ICE ratio of 14 percent, 12 percent, and 11 percent respectively. Meanwhile, states from the Northeast, Tripura, and Assam, achieved ratios of 18 percent and 14 percent, respectively.A major achievement was recorded in the three-wheeler segment, which attained a market penetration of 32 per cent. The government also created a record with their biggest ever order of electric buses—10,900 unit—valued at a massive Rs 10,900 crore through the PM E-DRIVE scheme.The report also stated that that while smaller vehicles led EV adoption, government efforts to electrify larger commercial vehicles and develop charging infrastructure were setting up India’s EV sector for continued growth beyond 2025.



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PTA warns consumers against fake calls and UAN numbers, reason revealed – SUCH TV

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PTA warns consumers against fake calls and UAN numbers, reason revealed – SUCH TV



Pakistan Telecommunication Authority has warned users against fake calls and UAN numbers.

A video message released by PTA states that scammers are impersonating PTA, FIA, and banks to steal your personal and financial information. No government agency will ever ask you for OTP, PIN, identity card or biometrics over a call or message. Mobile users should be vigilant and verify only through official channels.

It should be noted that earlier, PTA had warned users in a statement that using a SIM registered in the name of another person is a violation of relevant regulations.

The PTA had stressed that the full responsibility for any misuse of the SIM will lie with the registered user, therefore, users should ensure responsible use of their SIMs and mobile connections at all times. Registered users will be held individually accountable for all calls, messages and data usage made through their SIMs or devices.

The PTA further appealed to users to abide by all relevant laws and regulations, warning that action will be taken in case of violation.



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Budget 2026: CII pitches demand-led disinvestment plan; proposes four-step privatisation roadmap – The Times of India

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Budget 2026: CII pitches demand-led disinvestment plan; proposes four-step privatisation roadmap – The Times of India


The Confederation of Indian Industry (CII) suggested a four-fold privatisation process in their recommendations on the Union Budget 2026-27. They called for faster and more predictable disinvestment. The industry body claimed that a calibrated privatisation approach would help sustain capital expenditure and fund development priorities, particularly in sectors where private participation can improve efficiency, technology adoption, and competitiveness. CII Director General Chandrajit Banerjee highlighted the role of private enterprise in India’s growth. “A forward-looking privatisation policy, aligned with the vision of Viksit Bharat, will enable the government to focus on its core functions while empowering the private sector to accelerate industrial transformation and job creation,” he said, as quoted by ANI. To accelerate the government’s exit from non-strategic Public Sector Enterprises (PSEs), CII outlined a four-pronged strategy. First, CII recommended adopting a demand-led approach for selecting PSEs for privatisation. Contrary to short-listing entities and then checking the appetite for them, it was proposed that government needs to start by measuring market interest for a larger list of entities and short-list those with better interest and valuation. Second, the industry body called for announcing a rolling three-year privatisation pipeline in advance. According to CII, greater visibility would give investors time to plan, deepen participation, and improve price discovery. Third, CII proposed setting up a dedicated institutional mechanism to oversee privatisation. This would include a ministerial board for strategic direction, an advisory panel of industry and legal experts, and a professional execution team to handle due diligence, market engagement, and regulatory coordination. Fourth, acknowledging that complete privatisation is complex and time-consuming, CII suggested a calibrated disinvestment route as an interim measure. The government could initially reduce its stake in listed PSEs to 51 per cent, retaining management control, and later bring it down further to between 33 per cent and 26 per cent. CII estimated that lowering government ownership to 51 per cent in 78 listed PSEs could unlock nearly Rs 10 lakh crore. In the first two years, disinvestment in 55 PSEs could raise about Rs 4.6 lakh crore, followed by Rs 5.4 lakh crore from 23 additional enterprises. “A calibrated reduction of government stake balances strategic control with value creation,” Banerjee said, adding that the proceeds could fund healthcare, education, green infrastructure, and fiscal consolidation while maintaining control in strategic sectors. The Union Budget for 2026–27 will be presented on February 1.



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