Tuesday, March 18, 2008

Venezuela Beats US Exxon in Court

Caracas, May 18 (Prensa Latina) The victory by Petroleos de Venezuela state oil company in a London court against US Exxon Mobil Corporation was a lesson of dignity and firmness, Energy Minister Rafael Ramirez asserted on Tuesday.

In statements to Venezolana de Television, the also PDVSA president explained that the decision that favored this company pulverized media manipulation of the case that included freezing of $12 billion assets.

The transnational's allegations were ignored, and Judge Paul Walter is expected to issue a summary of his decision on Tuesday to announce on Thursday all the elements considered.

"Any action to favor attempts to freeze our assets or lead to pressure to bear on the bank has been lifted," said Ramirez.

"The governments willingness to defend our principles and our sovereignty has been ratified, always in favor of the peoples interests," he said.

"We have won one more battle, and the great news is that "Exxon has been defeated in London, the speeches were assessed and it was admitted that PDVSA and Venezuela were right. The lie that our industry was bankrupt, as part of manipulation against the people, was debunked," he said.

Exxon Mobil tried to put pressure on PDVSA, in the context of the arbitration, due to its withdrawal from the former Cerro Negro project, currently Petromonagas, after refusing to change to a joint venture, a measure established by the government.


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