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Exxon pursuing arbitration with Venezuela - exec

June 02, 2008
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Reuters is reporting that Exxon Mobil Corp. is still pursuing arbitration with Venezuela over the OPEC nation''s 2007 nationalization of the Cerro Negro heavy oil project, a company executive told U.S. lawmakers recently.

Exxon has filed two arbitration claims against Venezuela demanding at least $5 billion for the 2007 nationalization of the Cerro Negro heavy oil project, though Venezuela says Exxon is due less than $1 billion.

Venezuelan state oil company PDVSA has already halted commercial ties with the Texas company, while Exxon has started rejecting Venezuelan oil cargoes that supply the Chalmette refinery in Louisiana, a 50-50 joint venture between the two.
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