Article

2008-02-10 Caribbean-Latin America

Venezuela's top oil official accused Exxon Mobil Corp. of "judicial terrorism" on Friday, but said court orders won by the oil major do not amount to confiscation of US$12 billion.

Exxon Mobil has gone after the assets of Venezuela's state oil company, Petroleos de Venezuela SA, in US, British and Dutch courts as it challenges the nationalization of a multibillion dollar oil project by President Hugo Chavez's government. A British court last month issued an injunction "freezing" as much as US$12 billion (8.3 billion) in assets.

But Oil Minister Rafael Ramirez said: "They don't have any asset frozen. They only have frozen US$300 million" in cash through a U.S. court in New York. As for the case in Britain, PDVSA does not have "any assets in that jurisdiction that even come close to those sums" of US$12 billion , Ramirez said.

Exxon Mobil spokeswoman Margaret Ross said the company had no comment on Ramirez's statements.

Posted by Fred 2008-02-10 00:00|| || Front Page|| [11132 views ] Top

#1 "Exxon Mobil spokeswoman Margaret Ross said the company had no comment on Ramirez's statements."

Unless you count the snickering ~~by the lawyers~~ in the background....

Posted by Barbara Skolaut">Barbara Skolaut 2008-02-10 00:34|| http://ariellestjohndesigns.com/]">[http://ariellestjohndesigns.com/] 2008-02-10 00:34|| Front Page Top

#2 Thevery's only supposed to work OUR WAY.

How DARE you.

Posted by Redneck Jim 2008-02-10 00:52|| 2008-02-10 00:52|| Front Page Top

#3 Hugo just looks like a man who's about to come down with a severe case of Ceaucescuitis. A minor variant of that condition, popularly known as Allendeitis, is also a distinct possibility. Both are invariably fatal to Communists.

Posted by Jomosing Bluetooth8431 2008-02-10 02:01|| 2008-02-10 02:01|| Front Page Top

#4 "What about private account number yadda-yadda in lovely Martinique?..."
Where did you get that!!?"

Posted by Unaque Big Foot6572 2008-02-10 03:11|| 2008-02-10 03:11|| Front Page Top

#5 The Exxon Mobil Corp. attorney. Incorporating the finest DNA from classic reconstructed Velociraptor, but with blue-ringed octopus venom. Similar in appearance to a cockatrice, though with a far greater maximum effective range.

Posted by Anonymoose 2008-02-10 09:46|| 2008-02-10 09:46|| Front Page Top

#6 ...and Chavez lashes out at Venezuela.

Posted by JohnQC 2008-02-10 10:45|| 2008-02-10 10:45|| Front Page Top

#7 Awesome: International contract law at its finest.

Posted by danking70 2008-02-10 12:05|| 2008-02-10 12:05|| Front Page Top

#8 There's only so many refineries that can handle Venezuela's heavy crude. I'd bet they're in territories under British, American and Dutch jurisdiction, and that the oil or the payment can be seized, or at least tied up.

Oogo is going to have a hard tile refining. I look forward to him retaliating by cutting off exports and serving unrefined crude in the finest Caracas restaurants.

Posted by Nimble Spemble 2008-02-10 12:44|| 2008-02-10 12:44|| Front Page Top

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