Chavez Calls Exxon’s Venezuela Arbitration Demands ‘Crazy’
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Venezuelan President Hugo Chavez said today that Exxon Mobil Corp.’s demand for as much as $12 billion in international arbitration for assets seized in the South American country in 2007 was “crazy.”
Responding to the International Chamber of Commerce arbitration court’s December decision to award Exxon a net payment of $746.9 million, Chavez said on national television that Venezuela is a sovereign nation and that Exxon has been “arrogant” for not accepting a “friendly agreement.”