HA HA! Take that Chavez!

[Zkribbler]

Exxon delivers me a good product that I want at a reasonable price and does so better than anyone else.

"Shop at Exxon...the sign of the double-cross."

[Dinner]

Originally posted by Patroklos

Why is it despite the complete failure of nearly every entity that operates like that, you insist on pretending it is the optimal way to proceed.

Cite please. Saudi Aramco, Gazprom, the Norweigen state oil company, PetroChina, PetroMex, and a great many others are successful as state owned enterprises. To say otherwise is simply delusional on your part. Further more companies like British Petroleum, Royal Dutch Shell, Total, and Petrofina all are either former state conglomerates or got their starts as state owned companies.

In fact state ownership is one of the most successful methods of organization on the planet.

[Kidlicious]

Looks like Venezuela is making a profit off of this conflict with Exxon.

UPDATE 1-Arab nations back Venezuela in Exxon row: Chavez

CARACAS, Feb 22 (Reuters) - Arab nations have backed Venezuela in its conflict with Exxon Mobil (XOM.N: Quote, Profile, Research), President Hugo Chavez said on Friday, amid Exxon's continuing legal assault that has frozen up to $12 billion in Venezuelan assets.

The U.S. oil giant has taken Venezuela to arbitration for taking over its stake in a multibillion dollar oil project as part of the leftist Chavez's 2007 nationalization drive meant to create a socialist society.

"I want give my thanks for the support given to Venezuela by the conference of Arab and Latin American foreign ministers that just concluded in Buenos Aires," Chavez said during a televised address.

Ministers from thirty-four Arab and Latin American countries met in the Argentine capital this week to discuss commerce and trade. Some OPEC ministers have publicly sided with Venezuela over Exxon's legal push.

The conflict has helped crude oil prices rally over the last two weeks to top $100 per barrel for the first time since the start of the year.

Chavez has threatened to totally cut oil shipments to the United States, which depends on Venezuela for around 12 percent of its oil imports, if Exxon advances in its legal assault.

The Texas oil giant is seeking billions of dollars in compensation for its share in the multibillion dollar Cerro Negro heavy oil project that it previously ran. (Reporting by Brian Ellsworth; Editing by Marguerita Choy)




© Reuters 2008 All rights reserved

[chequita guevara]

Originally posted by Oerdin


Cite please. Saudi Aramco, Gazprom, the Norweigen state oil company, PetroChina, PetroMex, and a great many others are successful as state owned enterprises. To say otherwise is simply delusional on your part. Further more companies like British Petroleum, Royal Dutch Shell, Total, and Petrofina all are either former state conglomerates or got their starts as state owned companies.

In fact state ownership is one of the most successful methods of organization on the planet.

Who are you, and what have you done with Oerdin?

[Ben Kenobi]

I guess his colours are running.

You really need to separate your "delicates".

Otherwise you get pinko shorts.

[Dinner]

Naw, I am for state ownership when it can be done successfully and when it doesn't involve stealing property. Sometimes it is the best method and other times it involves to much political interference. It all depends upon the national needs and the likelihood of creating such enterprises without government intervention.

[chequita guevara]

London tribunal rules in favour of Venezuela, against Exxon

By Hands Off Venezuela / TeleSur / Agencies
Tuesday, 18 March 2008

A London High Court judge on Tuesday suspended a court order which froze 12 billion dollars (7.6 billion euros) of assets owned by Venezuela state oil firm PDVSA in a dispute with US energy giant ExxonMobil.

"The judge hasn't allowed his court or his country to be an instrument'' of Exxon, Samuel Moncada, Venezuela's ambassador to the U.K., said in an interview. "This decision should have an effect on any reasonable court in the world.''

Addressing a group of solidarity activists gathered to hear the ruling, Moncada added: "Over 2 weeks it has been argued, and an English judge has decided not to support the Exxon case, but to support the Venezuelan case. Your slogan, Hands off Venezuela, is more relevant than ever, today."

Hands Off Venezuela has mobilised, together with other solidarity activists, outside the High Court in London and outside the ExxonMobil offices to protest against this move to freeze PDVSA assets.

ExxonMobil started a number of judicial cases against PDVSA, after the Venezuelan government decided, in March 2007, to nationalise the massive oil reserves of the Orinoco Belt, in which the US multinational was operation as part of a "strategic association" with PDVSA.

The overwhelming majority of the companies operating in that field accepted the new proposed agreements, in which the Venezuelan PDVSA has a majority stake with a minimum of 60% of the shares, but US based ExxonMobil and ConocoPhillips, refused and went to international arbitration.

At the beginning of February, ExxonMobil obtained cautionary rulings from courts in the United States, Britain, the Netherlands and the Dutch Antilles to freeze 12 billion dollars of PDVSA's global assets.

The London High Court judge, Paul Walker, will issue a detailed explanation of his ruling on Thursday.

Exxon was ordered to make an interim payment of 380,000 pounds to cover legal costs within 21 days, although the final bill is expected to be much higher.

PDVSA lawyer George Pollock said damages the state oil company could claim included increases in the cost of corporate borrowing for its projects.

Exxonmobil's lawyer, Catharine Otton-Goulder, said she had no comments to make.

Hands Off Venezuela activists present in London expressed their joy at the ruling. "This was part of a campaign of intimidation and threats by imperialism against the Venezuelan revolution".

[Zkribbler]

Originally posted by Ben Kenobi
I guess his colours are running.

You really need to separate your "delicates".

Otherwise you get pinko shorts.

Zkribbler's brain is transported back to his college days, when the guys from the 7th Floor of our dorm set off a red smoke grenade near our laundry room. As we hung out in the hall, enjoying the laugh at a prank well pulled off, Elliot came out of the laundryroom and whispered into the ear of Gregg, his roommate. Gregg disappeared into the laundryroom, and a few seconds later, a scream was heard. We all charged in to find Gregg pulling his white underwear -- now pink -- out of the drier.

[Arrian]

The London High Court judge, Paul Walker, will issue a detailed explanation of his ruling on Thursday.

It will be interesting to read it.

-Arrian

[Arrian]

Edit: nevermind, I misunderstood something.

So Exxon loses, and will not appeal (per Bloomberg article). Apparently the basis for the ruling is that the dispute is between Exxon and Venezuela, and does not involve the UK.

-Arrian