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Post by ukipa on Jul 28, 2011 19:54:50 GMT 4
Venezuela said it remains committed to compensating Exxon-Mobil and Conoco-Phillips for nationalized oil assets, as long as the amount is reasonable and either settle by mutual agreement or set by the World Bank’s arbitration panel.
Energy Minister Rafael Ramirez says PDVSA has set aside 1.5 billion dollars
“We’ve never said we wouldn’t pay” the two U.S. multinational corporations, “the only two that didn’t accept our laws and didn’t accept (the terms of a compensation deal for confiscated assets) and took the dispute to the World Bank’s International Centre for the Settlement of Investment Disputes, or ICSID, Energy Minister Rafael Ramirez told reporters this week.
The processes “are moving forward and we have to defend ourselves because those mechanisms are so perverse that if you don’t show up they execute you,” he added.
The minister, who is also the president of Venezuelan state oil company Petroleos de Venezuela S.A., or PDVSA, said the corporation had set aside nearly 1.5 billion dollars in the event of arbitration and litigation costs. ---------------------
Anyone interested in learning more about this potential settlement and the benefits it will bring to U.S. investors, enter in contact with me, P.I., at theprivateinvestors@hushmail.com
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