log 4 - Addison Villanueba Student ID Recitation 203 Exxon...

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Addison Villanueba Student ID # 810-69-7903 Recitation # 203 Exxon Is First to Go Legal Route in Venezuela Dispute In this article the Exxon Mobile Corporation has taken legal action against the Venezuelan government over compensation for seized oil-production assets. Venezuelan Officials have voiced that they are willing to pay only book value for the assets which Exxon claims come to be $750 million, instead of what Exxon says they should be paid market value for the assets which would come to a much larger sum of money. Mr. Chavez earlier in the year had launched a nationalization campaign that included taking over control and seizing majority stakes in key oil ventures, including some involving Exxon and ConocoPhillips. Although this is all well and good his administration has failed to reach compensation agreements with these former partners. If Venezuela fails to pay any compensation for the
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Unformatted text preview: expropriated assets, Exxon could place a lien on Venezuela’s, U.S. assets or on crude oil shipments that come into the U.S. Exxon Mobile Corporation has taken legal action against the Venezuelan government for due compensation of seized oil-production assets. The Corporation has helped Venezuela in gaining oil production boosting their economy. Although the Venezuelans refuse to give the company compensation for the services provided. As a result Exxon has taken action to obtain compensation which is due to them. In this case I believe Exxon is taking proper action as a company in gaining was is rightfully theirs and have no sympathy for the Venezuelan Government which is trying to take what was provided with them without properly giving back. Campoy, Ana. Gallegos, Raul. (2007, September 14) Exxon is First to Go Legal in Venezuela Dispute. The Wall Street Journal pp. B9...
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  • Fall '07
  • Exxon Mobile Corporation

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