Venezuela: Exxon's Action Constitutes Illegitimate Arbitration

Venezuelan Minister of Energy and Petroleum Rafael Ramirez suggests that ExxonMobil return to the International Center for Settlement of Investment Disputes, a World Bank entity, and drop lawsuits filed in New York and London, reported AFP.

Though the arbitration has not been decided, Ramirez claims that the two lawsuits, filed simultaneously, constitute acts that "are outside the frame of arbitration."

"The party that exceeded the actions provided for under the arbitration was Exxon, as it sought a freezing injunction," Ramirez said.

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