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Exxon Mobil sues Cuba for $280 million over expropriated property
Source: Reuters
BUSINESS NEWS MAY 3, 2019 / 3:54 PM / UPDATED 2 HOURS AGO
Exxon Mobil sues Cuba for $280 million over expropriated property
Marc Frank
4 MIN READ
HAVANA (Reuters) - Exxon Mobil Corp on Friday sued Cuba’s state-owned Cuba-Petroleo and CIMEX Corp in U.S. federal court seeking $280 million over a refinery, gasoline stations and other assets seized after Fidel Castro’s revolution.
Exxon, the largest U.S. oil producer, is the first corporation to sue Cuba since the Trump administration allowed a long dormant section of the 1996 Cuban Liberty and Democratic Solidarity Act, known as the Helms-Burton Act after its sponsors, to take effect on May 2.
The Trump administration has been ratcheting up pressure on Venezuela and Cuba. Previous presidents had waived the provision of the act that allows anyone whose property was nationalized after the 1959 Cuban Revolution to sue any individual or company profiting from their former holdings.
On Thursday two Cuban-Americans sued cruise operator Carnival Corp for using Cuban ports nationalized from the family members who owned them.
-snip-
The Standard Oil refinery at Havana Bay, now operated by CUPET, was the first U.S. property taken over by Castro and his bearded revolutionaries after the company refused to process oil from the Soviet Union as tensions mounted with the United States.
-snip-
Exxon Mobil sues Cuba for $280 million over expropriated property
Marc Frank
4 MIN READ
HAVANA (Reuters) - Exxon Mobil Corp on Friday sued Cuba’s state-owned Cuba-Petroleo and CIMEX Corp in U.S. federal court seeking $280 million over a refinery, gasoline stations and other assets seized after Fidel Castro’s revolution.
Exxon, the largest U.S. oil producer, is the first corporation to sue Cuba since the Trump administration allowed a long dormant section of the 1996 Cuban Liberty and Democratic Solidarity Act, known as the Helms-Burton Act after its sponsors, to take effect on May 2.
The Trump administration has been ratcheting up pressure on Venezuela and Cuba. Previous presidents had waived the provision of the act that allows anyone whose property was nationalized after the 1959 Cuban Revolution to sue any individual or company profiting from their former holdings.
On Thursday two Cuban-Americans sued cruise operator Carnival Corp for using Cuban ports nationalized from the family members who owned them.
-snip-
The Standard Oil refinery at Havana Bay, now operated by CUPET, was the first U.S. property taken over by Castro and his bearded revolutionaries after the company refused to process oil from the Soviet Union as tensions mounted with the United States.
-snip-
Read more: https://www.reuters.com/article/us-usa-cuba-lawsuit/exxon-mobil-sues-cuba-for-280-million-over-expropriated-property-idUSKCN1S91YQ