Exxon Mobil awarded $908 million in Venezuela dispute

[The Straight Story]

Exxon Mobil awarded $908 million in Venezuela dispute


CARACAS, Venezuela — Exxon Mobil sought arbitration after President Hugo Chavez’s government nationalized an oil project in the country in 2007.

The decision by the International Chamber of Commerce confirmed that state oil company Petroleos de Venezuela SA “does have a contractual liability to Exxon Mobil,” company spokesman Patrick McGinn said in an email. He said the award is for $907,588,000.

Venezuelan government officials did not respond to messages on Sunday seeking comment.

“The dispute is not over Venezuela’s power to expropriate assets, but rather the failure of PDVSA to comply with contractual provisions to compensate Exxon Mobil,” McGinn said.

http://fuelfix.com/blog/2012/01/01/exxon-mobil-awarded-908-million-in-venezuela-dispute/

[dipsydoodle]

1. Should find elsewhere

that Venezuela consider that to be a good result, a triviality, a nothing, .................

[fasttense]

2. Your link is a very pro-corporate energy blog out of Texas.

Aside from the RepubliCON link, the report is silly.

"The decision by the International Chamber of Commerce confirmed that state oil company Petroleos de Venezuela SA “does have a contractual liability to Exxon Mobil,” company spokesman Patrick McGinn said in an email."

The International Chamber of Horrors has decided? Aren't they the same group that gives secret money to Rove and company (only after the dancing Supremes obliged by making corporations people too,) to spend millions on influencing American elections and destroying real liberals?

What other outcome did you expect?

It's like NABLA making decisions about child molestation. Let them police themselves....right.