Ramirez: “we will not accept for any company to disregard our sovereign decisions”

Rafael Ramirez, People’s Minister for Energy and Petroleum

Caracas.-  Rafael Ramirez, People’s Minister for Energy and Petroleum and president of Petroleos de Venezuela, S.A. (PDVSA), referred to ExxonMobil’s arbitration process as “a measure that is an abuse of our country, given that negotiations with the other companies have moved forward within the framework of our rights and laws, and resulted in a successful migration process”.

Minister Ramirez expressed that the international community needs to take this topic into consideration because “it’s not the first time that ExxonMobil acts in such an arrogant way against the sovereign decisions made by States”. Similarly, Minister Ramirez informed the state-owned oil industry is handling the case with the pertinent responsibility and it will continue to try by all possible means to successfully conclude this process.

Did You Know?

› PDVSA estimates it will achieve a 5 million 847 thousand barrel per day production capacity by the year 2012

› On January 1st, Venezuela takes control of 32 oil fields, putting an end to disguised concessions granted during the oil opening, and advancing towards full national sovereignty over natural energy reserves

With regards to ExxonMobil’s request to hold conversations, Minister Ramirez expressed that “Exxon is the one who has gone beyond the actions stipulated by international arbitration by trying to freeze our assets in London and New York courts”. However, Minister Ramirez affirmed that the country’s legal entities are working in this regard, and that there are enough legal arguments to bring legal actions against the multinational corporation.

Similarly, Minister Ramirez indicated that Exxon represented the smallest investment of all investments made by upgraders in the Orinoco Oil Belt. In this sense, little was invested in the country to capture the profits of the Chalmette Refinery.

Minister Ramirez emphasized that ExxonMobil’s case entails a political interest of cornering and harassing the country, and for this reason all discussions have come to an end “because we will not accept for any company to disregard our sovereign decisions”. Minister Ramirez also clarified that PDVSA cannot be subjected to an embargo because the company enjoys jurisdictional immunity.

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