Venezuela,
US Oil Rights in Court
Venezuela's PDVSA state
oil company is bringing
forward legal actions to
have full control over
hydrocarbons, faced with
pressure by US Exxon
Mobil transnational.
PDVSA teams of lawyers
are preparing to present
the corresponding
submissions at the
courts in New York,
London, and Holland, in
response to Exxon
Mobil's attempts to
freeze PDVSA assets of
about 12 billion
dollars.
The hearing in the
British capital has been
scheduled for early
March, while in New
York, a court has taken
a preventive measure
over 315 million dollars
belonging to the
Venezuelan company.
The International Centre
for Settlement of
Investment Disputes has
PDVSA on one side and
Exxon Mobil on the other
over the case of the
Cerro Negro project.
The US company had a
41.66 percent
participation in that
project, estimated at
715 million dollars,
which it refused to
reduce with the joint
venture modality.
As part of steps made
towards full oil
sovereignty, PDVSA now
has higher presence in
all hydrocarbon
businesses, with the
initiative to reach
agreements with foreign
companies for the
adjustment.
However, for Venezuelan
Mining and Oil Minister
Rafael Ramirez, Exxon
Mobil has chosen legal
pressures to try to
seize PDVSA's assets. |
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