Venezuela's oil minister accused Exxon Mobil (XOM) of failing to respect the terms of an arbitration process with Venezuela's state oil company by securing a court-ordered freeze of more than $12 billion of the company's assets, and announced that the company would appeal the decision in the coming days.
'Exxon Mobil has not respected the arbitrage terms and has resorted to using methods designed to pressure us,' Rafael Ramirez, Venezuela's oil minister, told reporters Friday.
'We have the right, and we will use it, to appeal,' he said. Ramirez said that the court orders were 'only a transitory measure.'
Friday, February 8, 2008
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