00:00These secondary tariffs, do they have teeth or is it all bark?
00:04Yeah, I think a little more bark. The truth is that China violates Iranian sanctions anyway.
00:09They are the biggest importer of Iran, Iranian oil. They buy about 90 percent of Iran's oil.
00:15So I think, you know, whether it's a carve out or they just ignore it, I think it has limited impact.
00:19What it does do is put more pressure on the regime in Iran to come to the table and try to negotiate a deal,
00:24which is what President Trump wants. He always prefers negotiation first, if not, then possibly a military strike.
00:32But at the moment, we're trying to get a diplomatic solution.
00:35But a diplomatic solution, Charles, would lead to what? Still the Ayatollah in power, the president of Iran in power?
00:41I have not seen any elites at the moment, to fact.
00:45Yeah, I think that, you know, like in Venezuela, you know, a lot of folks in the markets and a lot of people in the sort of geopolitical space want regime change.
00:54They talk about regime change. But I think what the president, President Trump, would prefer is leadership change and reforms domestically,
01:02and then also a new nuclear deal with the United States.
01:05I think the possibility of regime change is still relatively low in Iran.
01:09Like with Venezuela, it was leadership change, not regime change.
01:13Charles, when it comes to Venezuela, are you still preparing that trip for a dozen of investors to go down to Caracas?
01:18Absolutely. We're going to take about 25 investors late March down to Caracas will be the first foreign investor trip.
01:26We think it's going to be about a $500 billion opportunity over the next 10 years, not only in oil and gas,
01:33but also in infrastructure, construction, mining, steel, ultimately tourism.
01:38But also part of the trip will be emerging market investors that own the defaulted Venezuelan sovereign bonds and Bevedesa bonds.
01:46So it's going to be a very interesting trip. We're very excited about it.
01:49And we were in Syria back in October. We were in Ukraine last year.
01:54This will be, again, the first big foreign investor trip to Venezuela.
01:57How does that work, Charles? Do you go in an armored car with U.S. troops that are accompanying you?
02:01I mean, what kind of security do you need for a trip like that?
02:04Yeah, I think like with Syria, we did contract with a private security company that did all of our security on the ground,
02:11including bodyguards, armored vans, et cetera. In Venezuela, the bigger risk is, you know,
02:18kidnapping or violence from either the drug drug cartels or some of the other armed gangs.
02:23But I think that it's going to be, you know, the domestic security situation is safer than it sounds.
02:29And we will take the necessary precautions.
02:31Charles, have you been in touch with the U.S. government regarding this trip?
02:34Yeah, we have. I've been in touch with the White House.
02:36We're going to do a call with the Department of Energy as well.
02:39They're very supportive, as you can imagine.
02:41The goal of the United States is now, now that we have removed Maduro, to ensure the success of Venezuela.
02:47The success of Venezuela hinges on economic success.
02:51And central to that is foreign investment.
02:54You know, again, everything we're doing is to try to help that process.
02:57And the administration is very supportive.
02:59But Delce Rodriguez, her brother as well, they run the country.
03:03They are acolytes of Maduro.
03:05Do you see real change on the ground?
03:07I think we will see real change.
03:10You know, the United States has been very clear that with, you know, Maduro being removed and Delce being elevated into the top position,
03:18that it will only work if she and her government cooperates with the United States now.
03:23And I know it's somewhat offensive to say the United States runs the country.
03:26But the truth is, the White House is calling the shots in Venezuela.
03:31And we have an armada, literally the biggest military presence off the coast of Venezuela, really in modern history, to ensure that that happens.
03:38I think you'll see ongoing cooperation and progress domestically from the government of Venezuela.
03:45Charles, I've got 40 seconds left on the clock.
03:46For the companies that have gone into Venezuela before and been burned, is this somehow different?
03:51Well, I think the difference now is the United States has a, you know, huge vested interest in the success of the country.
03:58I think there will be some government backstops to help ensure that companies do feel comfortable investing in the country.
04:06But I would say this is a major political and geopolitical inflection, not only for Venezuela, but for the Western Hemisphere.
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