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Exxon wins freeze of Venezuelan assets - 2/7/2008 7:03:34 PM

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NEW YORK (Reuters) - Exxon Mobil Corp (XOM.N) has won court orders freezing up to $12 billion in Venezuelan assets around the world as it fights for compensation for operations lost to President Hugo Chavez's nationalization drive.

The largest U.S. company sought the asset freeze to guarantee repayment should it win arbitration over the Cerro Negro heavy oil project.

The move is the boldest challenge yet by an international oil major against any of the governments around the world that have moved to increase their holds on natural resources as energy and commodity prices have soared.

http://news.yahoo.com/s/nm/20080208/bs_nm/exxon_venezula_dc_2;_ylt=ArMHnokRsSiXM.plrzSRui8E1vAI

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RE: Exxon wins freeze of Venezuelan assets - 2/7/2008 7:10:11 PM

kinkbound

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How dare they think they're going to take their oil away from us?

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RE: Exxon wins freeze of Venezuelan assets - 2/7/2008 7:20:36 PM

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Or take our investments and property?

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RE: Exxon wins freeze of Venezuelan assets - 2/7/2008 7:52:46 PM

SugarMyChurro

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"Our"? Corps don't have any rights that superced those of natural persons or their right to collectively nationalize any resource or business.

Go Chavez!

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RE: Exxon wins freeze of Venezuelan assets - 2/7/2008 10:21:13 PM

Stephann

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quote:

ORIGINAL: SugarMyChurro

"Our"? Corps don't have any rights that superced those of natural persons or their right to collectively nationalize any resource or business.

Go Chavez!

It's not the natural rights of people; it's the early termination of contracts in which corporations invest billions of dollars in the country in the first place.

There wouldn't be any oil operations in Venezuela, if it hadn't been for foreign investment. Chavez did the equivalent of telling the bank "screw you, we're renegotiating the loan, but this time you pay us."

Stephan

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RE: Exxon wins freeze of Venezuelan assets - 2/7/2008 10:30:57 PM

Owner59

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Exxon should be compensated and will be in arbitration.

Yawn...

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RE: Exxon wins freeze of Venezuelan assets - 2/8/2008 5:25:19 AM

LadyEllen

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Another big business which doesnt like it when the risks of conducting business come knocking. Running a business is about balancing risks against profits - I'd say Venezuela is a risky place to do business and so that this corporation underestimated those risks and got burned as a result.
E

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RE: Exxon wins freeze of Venezuelan assets - 2/8/2008 8:18:16 AM

Stephann

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LadyE,

Venezuela wasn't always this way. The issue at hand really isn't rooted in 'was there a risk?' Rather, it's a matter of minimizing the damage that was done from that risk. Exxon's doing what any wise corporation would do; trying to recover their assets in any manner possible. "We're nationalizing" doesn't equate with "we're stealing your equipment, workers, and you get to just deal with it."

Stephan

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