The Green Screen

Exxon wins freeze on Venezuelan assets

Quote:NEW YORK: Exxon Mobil Corp has won court orders freezing up to $12 billion (6.2 billion pounds) 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.

Chavez Threatens to Halt Oil Sales to US

Quote:Chavez Threatens to Halt Oil Sales to US

By SANDRA SIERRA – 2 hours ago

CARACAS, Venezuela (AP) — President Hugo Chavez on Sunday threatened to cut off oil sales to the United States in an "economic war" if Exxon Mobil Corp. wins court judgments to seize billions of dollars in Venezuelan assets.

Exxon Mobil has gone after the assets of state oil company Petroleos de Venezuela SA in U.S., British and Dutch courts as it challenges the nationalization of a multibillion dollar oil project by Chavez's government.

A British court has issued an injunction "freezing" as much as $12 billion in assets.

"If you end up freezing (Venezuelan assets) and it harms us, we're going to harm you," Chavez said during his weekly radio and television program, "Hello, President." "Do you know how? We aren't going to send oil to the United States. Take note, Mr. Bush, Mr. Danger."

Chavez has repeatedly threatened to cut off oil shipments to the United States, which is Venezuela's No. 1 client, if Washington tries to oust him. Chavez's warnings on Sunday appeared to extend that threat to attempts by oil companies to challenge his government's nationalization drive through lawsuits.

"I speak to the U.S. empire, because that's the master: continue and you will see that we won't sent one drop of oil to the empire of the United States," Chavez said Sunday.

"The outlaws of Exxon Mobil will never again rob us," Chavez said, accusing the Irving, Texas-based oil company of acting in concert with Washington.

Exxon Mobil spokeswoman Margaret Ross said the company had no comment. A U.S. Embassy spokeswoman in Caracas did not return a call.

Venezuela accounted for about 12 percent of U.S. crude oil imports in November, the latest figures available from the U.S. Energy Department. The 1.23 million barrels a day from Venezuela makes that country the U.S.'s fourth-biggest oil importer behind Canada, Saudi Arabia and Mexico.

Venezuelan Oil Minister Rafael Ramirez has argued that court orders won by Exxon Mobil have "no effect" on the state oil company PDVSA and are merely "transitory measures" while Venezuela presents its case in courts in New York and London.

Exxon Mobil is also taking its claims to international arbitration, disputing the terms it was granted under Chavez's nationalization last year of four heavy oil projects in the Orinoco River basin, one of the world's richest oil deposits.

Other major oil companies including U.S.-based Chevron Corp., France's Total, Britain's BP PLC, and Norway's StatoilHydro ASA have negotiated deals with Venezuela to continue on as minority partners in the Orinoco oil project.

ConocoPhillips and Exxon Mobil, however, balked at the tougher terms and have been in compensation talks with PDVSA.

Chavez playing his oil cards

Quote:He did it.

CARACAS, Venezuela (AP) -- Venezuela's state oil company said Tuesday that it has stopped selling crude to Exxon Mobil Corp. and has suspended commercial relations with the U.S.-based oil company.

State-run Petroleos de Venezuela SA, or PDVSA, said in a statement that it "has paralyzed sales of crude to Exxon Mobil." It said the decision was made "as an act of reciprocity" for the company's "judicial-economic harassment."

linkie

It's gonna hurt him a lot more than us.
This monkey has no sence at all.

Here you go 537

What an ass hole. He suspends oil to Exxon and the Exxon stock MOVES UP !!!

Is there no end to hugos stupidity ???

http://www.reuters.com/news/video?videoI...ess&rpc=18

Pepin Gatiesa Wrote:Here you go 537

What an ass hole. He suspends oil to Exxon and the Exxon stock MOVES UP !!!  

Is there no end to hugos stupidity ???

http://www.reuters.com/news/video?videoI...ess&rpc=18

Rainbow thinks he's smart.

Hugo wont pour that crude out on the ground. He will simply sell it elsewhere.
Exxon will buy its crude elsewhere. Life will go on.

Hugo doesnt want to do business with the USA. This is just another step along the way.

I guess Hugo doesn't want to feed his people either. After all, he buys lots of food from the USA.

Is he going to stop that too? I guess Venezuelans had better learn to eat with chop sticks and lots of noodles.

Canadaianbird Wrote:Hugo wont pour that crude out on the ground. He will simply sell it elsewhere.
Exxon will buy its crude elsewhere. Life will go on.

Hugo doesnt want to do business with the USA. This is just another step along the way.

I agree, it is no different than the U.S. not wanting to do business with Cuba.


AK

Mercy Wrote:I guess Hugo doesn't want to feed his people either.  After all, he buys lots of food from the USA.

Is he going to stop that too?  I guess Venezuelans had better learn to eat with chop sticks and lots of noodles.

Hugo is nuts where food is concerned. His price policy laws made selling groceries a losing business.
Countries buy food from the USA (and Canada) because its cheap. Its cheap because its subsidized by yours and my tax dollars. Its stupid.
We subsidize farmers so they can grow food cheap, then its exported??

Canadaianbird Wrote:

Mercy Wrote:I guess Hugo doesn't want to feed his people either.  After all, he buys lots of food from the USA.

Is he going to stop that too?  I guess Venezuelans had better learn to eat with chop sticks and lots of noodles.

Hugo is nuts where food is concerned. His price policy laws made selling groceries a losing business.
Countries buy food from the USA (and Canada) because its cheap. Its cheap because its subsidized by yours and my tax dollars. Its stupid.
We subsidize farmers so they can grow food cheap, then its exported??

Also to keep farmers in business........some years, not such a profitable business. Not that I agree with the practice.


AK

Hugo decided that irregardless of the cost, the 11 major foods, Beef, Chicken, Sugar etc. Would all be sold at the same reduced price with no Government subsidy. If a grocery store was found to be charging more than the state price, their business would be seized or the grocer could go to jail.

The idea was to keep food cheap for the poor.

The outcome was that Grocers wouldnt buy (or sell) Beef, Chicken, sugar milk... because they where losing money. (duh) So we hear about all these food shortages in Venezuala.

The truth is that you can go to the grocery store and buy lots of food, you just cannot buy the staples which are priced by Hugo.

There is no shortage of food in Venezuala, and no shortage of money to buy food with! there is only a bunch of businessmen named grocers who will not sell the basic 11 food groups. Apparently you could buy sugar, beef and chicken but under the counter at a much higher and realistic price than the Hugo price. So Hugo started taking stores and jailing grocers for breaking the law.

I laugh at him for this becasue it was very predictable. His solution now is to nationalize all those industries and sell those foods at a loss to the grocers so the people can have milk. The first on his list is the milk industry which is largely owned by the French.

Hugo just want to make the profit on the food for himself; like he is doing with the oil. Screw the Grocer and his profit.

Mercy Wrote:Hugo just want to make the profit on the food for himself; like he is doing with the oil.  Screw the Grocer and his profit.

Hugo wants the profits to stay in Venezela. He will screw it up.