Thursday, February 14, 2008

Exxon Sought $5 Billion In Compensation For Oil Project Venezuela Min

ExxonMobil has demanded $5 billion for a nationalized oil project in Venezuela, a figure that far exceeds what the government considers is a fair compensation, the country's oil minister said Thursday. 'Fair compensation is not even 10% of what Exxon demands,' Oil Minister Rafael Ramirez told reporters as he left Congress. Ramirez also said oil spot sales to Exxon were being suspended and Venezuela was considering what actions to take regarding oil supply to the refinery in Chalmette, La. The refinery is a joint venture between Exxon and Petroleos de Venezuela SA, or PdVSA, the state oil company.
The minister said PdVSA was now selling spot crude to other customers.

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