Chavez critical of Exxon Mobil award

Jan. 9, 2012 at 2:30 PM
| License Photo

CARACAS, Venezuela, Jan. 9 (UPI) -- Venezuelan President Hugo Chavez was defiantly critical of a ruling that awarded Exxon Mobil $907 million after some of its oil assets were nationalized.

The International Chamber of Commerce, in an arbitration process, said Venezuela owes Exxon for oil assets the country had taken over.

El Universal reported Monday that Chavez was highly critical of the decision.

"How much these oil companies have stolen for 100 years?" Chavez asked. "They would rather pay for the damages for those 100 years," he challenged.

"An arrogant Exxon Mobil did not want to arrive at an amicable settlement. This has always been our desire. We recently reached ... an amicable settlement with [two other companies]," he said.

"My answer to this and any other company is that Venezuela is a sovereign country," Chavez declared.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Topics: Hugo Chavez
Latest Headlines
Top Stories
Australian troops to receive new rifle variant
Houston-based LINN leaves Texas shale
Kurdish government in Iraq selling more oil
U.S. wades deeper into marine energy
Saab joining BAE Systems, Patria in bid to produce armored vehicle