Time to pay the piper, Hugo - U.S. Politics Online: A Political Discussion Forum

MattLarson · #1 (**permalink**) 02-08-2008

Quote:

NEW YORK (CNN) -- Exxon Mobil has obtained a court order freezing up to $12 billion of Venezuela's state-owned oil company's worldwide assets after the government of President Hugo Chavez forced the company out of two joint ventures last year, a company spokeswoman said Thursday.

The government of President Hugo Chavez forced Exxon Mobil out of two joint ventures last year.

Britain's High Court barred Petroleos de Venezuela S.A. from selling assets worldwide up to $12 billion, Exxon Mobil spokeswoman Margaret Ross said.

The judgment stems from Venezuela's June decision to take control of two projects it had entered into with Exxon, the world's largest publicly traded oil company.

http://www.cnn.com/2008/WORLD/americ...xon/index.html

As expected, the decision to breach contracts and expropriate assets is coming home to roost for Venezuela.

Matt

Anselme · #2 (**permalink**) 02-08-2008

lol, next time he should think of the consequences of such an act like that

an eye for an eye...

Scribbler1 · #3 (**permalink**) 02-08-2008

How does Britain have the authority to order anything like that on a worldwide basis?

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