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Exxon vs. Venezuela to go a few more rounds
January 12, 2012, 4:37 PM
While Exxon Mobil Corp. recently drew a $908 million reward in an arbitration case against Venezuela in the International Chamber of Commerce, it may take at least a year or two before a separate proceeding over a $12 billion claim for assets seized by the South American country wraps up, according to an arbitration expert.
The case is already nearing the five-year mark and may take years more. A hearing on Exxon’s .bgChannel, .bgRealtimeChannel, .bgRevision { display: none; } /quotes/zigman/203975 /quotes/nls/xom XOM -0.08% claim is expected next month in Paris in the International Centre for Settlement of Investment Disputes (ICSID), an affiliate of the World Bank.
“The task of establishing treaty rights is probably sustainable,” said Jim Carter, partner with law firm Dewey & LeBoeuf. He said Exxon could win an award within a year. Venezuela could then file an annulment request, which could take another year to resolve. Carter did not speculate on the amount of the award Exxon could receive.
Even if it receives a favorable ruling, Exxon may face more legal hurdles to obtain compensation from Venezuela after the country’s officials have vowed not to make any further payments to the Irving, Texas, integrated oil company, he said. Venezuela may attempt to hide assets in order to avoid paying any claim, Carter said.
Just this past Monday, Rafael Ramirez, Venezuela’s oil minister said, “We don’t expect any additional payment before the ICSID…There’s nothing more to rule on,” according to a report by the Associated Press.
Exxon’s current claim covers the fair market value of obligations between the government of Venezuela and Exxon Mobil, according to a treaty between the South American country and the Netherlands, where Exxon Mobil has subsidiaries. Exxon has no comment on its prospects for recovering its claim.
- Steve Gelsi
Exxon vs. Venezuela to go a few more rounds - The Tell - MarketWatch
Exxon vs. Venezuela to go a few more rounds
January 12, 2012, 4:37 PM
While Exxon Mobil Corp. recently drew a $908 million reward in an arbitration case against Venezuela in the International Chamber of Commerce, it may take at least a year or two before a separate proceeding over a $12 billion claim for assets seized by the South American country wraps up, according to an arbitration expert.
The case is already nearing the five-year mark and may take years more. A hearing on Exxon’s .bgChannel, .bgRealtimeChannel, .bgRevision { display: none; } /quotes/zigman/203975 /quotes/nls/xom XOM -0.08% claim is expected next month in Paris in the International Centre for Settlement of Investment Disputes (ICSID), an affiliate of the World Bank.
“The task of establishing treaty rights is probably sustainable,” said Jim Carter, partner with law firm Dewey & LeBoeuf. He said Exxon could win an award within a year. Venezuela could then file an annulment request, which could take another year to resolve. Carter did not speculate on the amount of the award Exxon could receive.
Even if it receives a favorable ruling, Exxon may face more legal hurdles to obtain compensation from Venezuela after the country’s officials have vowed not to make any further payments to the Irving, Texas, integrated oil company, he said. Venezuela may attempt to hide assets in order to avoid paying any claim, Carter said.
Just this past Monday, Rafael Ramirez, Venezuela’s oil minister said, “We don’t expect any additional payment before the ICSID…There’s nothing more to rule on,” according to a report by the Associated Press.
Exxon’s current claim covers the fair market value of obligations between the government of Venezuela and Exxon Mobil, according to a treaty between the South American country and the Netherlands, where Exxon Mobil has subsidiaries. Exxon has no comment on its prospects for recovering its claim.
- Steve Gelsi
Exxon vs. Venezuela to go a few more rounds - The Tell - MarketWatch