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Guyana’s Oil – Rex Tillerson got burned in Venezuela. Then he got revenge.
Rex Tillerson
Rex Tillerson hadn’t been CEO of ExxonMobil very long when the late president Hugo Chavez made foreign oil companies in Venezuela an offer they couldn’t refuse. Give the government a bigger cut, or else.
Most of the companies took the deal. Tillerson refused.
Chavez responded in 2007 by nationalizing ExxonMobil’s considerable assets in the country, which the company valued at $10 billion. The losses were a big blow to Tillerson, who reportedly took the seizure as a personal affront.
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