U.S. Backs ExxonMobil's Bid for Compensation from Venezuela

Feb. 13, 2008
Company deserves a just and fair compensation for their assets says U.S.

The U.S. State Department said Feb. 13 it "fully supports" ExxonMobil's bid to receive a fair compensation package for its assets in a dispute with Venezuela.

Venezuela's state petroleum company PDVSA said Feb. 12 it suspended oil supplies to ExxonMobil in retaliation for the U.S .energy giant's securing court orders to freeze billions of dollars in global PDVSA assets.

The court orders were issued as part of an international arbitration sought by ExxonMobil to gain compensation for the Venezuelan government's nationalization of key oil fields in the Orinoco basin.

When asked to comment on PDVSA's suspension, State Department spokesman Sean McCormack said: "This is all part of an ongoing commercial dispute between Venezuela and ExxonMobil. "We fully support the efforts of ExxonMobil to get a just and fair compensation package for their assets according to the standards of international law," McCormack said.

Copyright Agence France-Presse, 2008

Popular Sponsored Recommendations

Gain a competitive edge with real-world lessons on private 5G networks

Nov. 16, 2023
The use of private networks in manufacturing applications is rapidly growing. In this paper, we present valuable insights and lessons learned from the field with the goal of enhancing...

The Benefits of Continuous Thermal Monitoring

Oct. 17, 2023
Read this eBook to learn more about collecting and using data intelligently to improve performance.

Powering Up Productivity: The Transformative Power of AP Automation in Manufacturing

Oct. 25, 2023
Discover how AP Automation is revolutionizing the manufacturing industry, driving efficiency, cost savings, and security. In today's world, automation is the key to staying competitive...

How Manufacturers Can Optimize Operations with Weather Intelligence

Nov. 2, 2023
The bad news? Severe weather has emerged as one of the biggest threats to continuity and safety in manufacturing. The good news? The intelligence solutions that build weather ...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!