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.

We want to hear from you. Questions, opinions and suggestions are all welcomed by the Rigzone Staff. Write us at news@rigzone.com .

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Expeditor
Expertise: Driller|Logistics Management|Materials Management
Location: Anchorage, AK
 
Rail Technical Manager Americas
Expertise: Logistics Management
Location: Houston, TX
 
Distribution Center Driver
Expertise: Logistics Management
Location: Vernon Packaging Plant, 
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours