Venezuela oil sale proceeds now routed to US Treasury: Chris Wright

Proceeds from sales of Venezuelan oil are no longer being routed through a fund in Qatar and are going directly to accounts handled by the US Treasury Department, US Energy Secretary Chris Wright said on Friday.

 

After US forces captured and removed Venezuelan President Nicolas Maduro from office in January, the US has controlled the country's oil exports in a landmark deal between Caracas and Washington.

 

The proceeds were initially deposited in an account in Qatar to protect it from seizure.

 

The reroute follows a US executive order issued last month to protect the proceeds from creditors seeking to seize Venezuelan money, Wright told reporters in Texas, as debt pending to bondholders, former business partners and expropriated companies continues accumulating.

 

 

Wright added that US President Donald Trump does not currently have plans to visit Venezuela, "but it's certainly a very real possibility."

  Earlier this month, Wright became the highest ranking US official to visit the country years, where he urged American companies to invest and revitalize Venezuela's dilapidated energy industry.

 

Revenue from Venezuelan crude is expected to hit $2 billion in the coming days, Wright said on Thursday. The Trump administration has said that the money will be overseen by the US but used for the benefit of Venezuelan citizens.

 

Wright said that the Venezuelan government presented plans for investments during his trip last month that include repairing the country's electricity grid.

 

The government also recently purchased a raft of medical supplies from the US, he said.

"Their ability to generate electricity has collapsed over the last 20 years, but they have existing assets they can repair, and they do plan to spend money to do that," Wright added.