Wednesday, March 19, 2008

Oil: Venezuela - Exxon Mobil must pay for court case

Exxon Mobil must pay nearly $767,000 in legal costs after a judge overruled the U.S. oil giant's earlier freeze order on billions of dollars of Venezuelan assets, Venezuelan Energy Minister Rafael Ramirez said Tuesday. The company has to pay the money within 21 days.

However, Xhinua reports Venezuela is willing to restart negotiations with Exxon at the World Bank's International Center for Investment Conflict Settlement, he added.

"We will go back to arbitrage in New York, seeking fair compensation for companies that have seen their interests affected," he said.