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Venezuela's Chavez Says Exxon Ought To Pay For 'Damages'

DOW JONES NEWSWIRES CARACAS -(Dow Jones)- President Hugo Chavez said Wednesday that companies like Exxon Mobil Corp. (XOM) should pay Venezuela for "damages" to the country, just days after an international court awarded the U.S. oil company a lower-than-expected compensation in its arbitration case against the South American country over expropriated assets. Chavez, in his first comments regarding the verdict, called Exxon "arrogant" for initially seeking $12 billion in restitution, an amount he said was "madness." Though the U.S. oil major eventually reduced its claim to $7 billion, it was granted a mere fraction of that after a court at the Paris-based International Chamber of Commerce issued a $908 million award in the case. Venezuelan state oil company Petroleos de Venezuela said, in the end, it will only have to pay $255 million after discounting money owed by Exxon and what it was awarded by the ICC court in a counterclaim. The verdict came more than four years after the Chavez administration nationalized Exxon's Venezuelan oil assets following the company's rejection of a decree allowing for the state to take majority ownership of all oil projects. The leftist leader often accuses multinationals of exploiting Venezuela's vast resources without putting anything back into the country and during his 12 years in power has embarked on a massive nationalization campaign to centralize control over the country's top economic sectors. "How much have these companies robbed from us during the last 100 years?" Chavez asked Wednesday. "They robbed us, so they better pay for the damages for those 100 years." Exxon "would not reach an amicable settlement...[which] has always been our will," Chavez said, citing recent "friendly agreements" the government reached, including a $600 million settlement with Cemex SAB (CX, CEMEX.MX) for assets seized from the Mexican cement giant in 2008. Venezuela still faces around 20 arbitration cases at the World Bank's International Center for Settlement of Investment Disputes, including a separate suit filed by Exxon and a $20 billion claim from ConocoPhillips (COP). -By Kejal Vyas, Dow Jones Newswires; 58-414-249-6821; kejal.vyas@dowjones.com

Stock News for Cemex (CX)
DateTimeHeadline
05/21/201508:30:00CEMEX Announces Agreements to Exchange Approximately U.S.$626...
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05/07/201506:00:00Pattern Energy Reports First Quarter Results
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05/01/201516:49:19Cemex SAB de CV Rating Reiterated by Zacks (CX)
04/30/201517:16:00CEMEX Announces Subscription Issue Price of New CPOs
04/27/201508:45:00CEMEX Files Annual Report on Form 20-F for Fiscal Year 2014
04/23/201518:21:48ADR Shares End Higher; Ericsson Drops, Logitech Rises
04/23/201507:30:00CEMEX Reports First-Quarter 2015 Results
04/13/201517:30:00CEMEX Denounces Timeshare Fraud
04/10/201517:10:00CEMEX Latam Holdings to Report First Quarter 2015 Results on...
03/27/201507:38:24Cemex earmarks $100M of assets for sale
03/25/201516:05:00CEMEX Announces Interest Rate and Initial Conversion Rate Applicable...
03/17/201517:24:32ADR Shares End Mixed; BHP Billiton Shares Rise
03/11/201518:30:00CEMEX Announces Exercise of U.S.$200 Million of Note Purchase...
03/11/201517:15:00CEMEX to Host Its Annual CEMEX DAY On March 17, 2015
03/02/201506:00:00Pattern Energy Reports Fourth Quarter and Full Year 2014 Financial...
03/02/201506:00:00Pattern Energy Reports Fourth Quarter and Full Year 2014 Financial...
02/26/201522:36:00CEMEX Announces Pricing Of â¬550 Million And U.S.$750 Million i...

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