Caracas, February 8, 2008 (venezuelanalysis.com) - Venezuela's Energy Minister, Rafael Ramirez, characterised a series of court orders obtained by Exxon Mobil Corp. in Britain, the Netherlands, and the Dutch Antilles, freezing up to $12 billion in assets of Venezuelan state oil firm PDVSA, as "judicial terrorism," in a statement today.
The injunctions were solicited by Exxon in anticipation of an arbitration ruling by the International Centre for Settlement of Investment Disputes over a compensation claim. As part of a drive to recover the nation's oil sovereignty the Venezuelan government nationalized Exxon's 41.7 percent stake in the Cerro Negro project in May last year with an offer for compensation. However, Exxon not satisfied, demanded arbitration. Although the U.S. oil giant has not specified how much it wants in compensation it said its investment in the project was valued at $750 million at the time the assets were expropriated.
"This is pure judicial terrorism," Ramirez told reporters in Caracas. "If they think that with this they will get us to backtrack on our nationalization policies, well, gentleman from Exxon Mobil, you are dead wrong again."
Exxon presented the documents to the Federal Court in Manhattan on Thursday and is petitioning the court to ratify the injunctions in a hearing scheduled for February 13. However, Ramirez said the injunctions are temporary as all the court orders are subject to appeal.
"We don't have any decision in any court that is definitive. We have a temporary measure in a court in New York and we have the right to respond, that is to say a transitory measure and we are sure that we are going to defeat this measure," he assured.
The London High Court order was granted on Jan. 24 without any prior notice to the Venezuelan oil company. The next hearing on the matter is scheduled for Feb. 22.
http://www.venezuelanalysis.com/news/3135
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