MercoPress. South Atlantic News Agency
Venezuela cuts Exxon-Mobil compensation payment from 908m to 255m dollars
Venezuela's PDVSA said on Monday it will pay Exxon Mobil Corp 255 million dollars in compensation for nationalized assets, which is less than a third of what the US oil giant said it was awarded by an arbitration panel. Read full article
Comments
Disclaimer & comment rulesThe words “Let's shaft the Corporation” come to mind.
Jan 03rd, 2012 - 02:40 pm - Link - Report abuse 0Let this go and you can write off most private enterprise macro-projects across most of the world.
Someone defend the poor big oil corporations!
Jan 03rd, 2012 - 05:12 pm - Link - Report abuse 0This time an oil corp.; next time what? . . . . telecoms? farms? mines?shipping?
Jan 03rd, 2012 - 07:18 pm - Link - Report abuse 0Forgetit, this is a question of the breakdown of good faith in the world business model - the foundation of business ethics, not defending an oil company.
So in the name of good faith in the business model, governments are supposed to forego of their national interest? You think Exxon's compensation should've been 10 times the fair amount to please businesses community? In your world, Geoff, it wouldn't take soon for fascist states working for businesses interests to rise over most of world countries.
Jan 03rd, 2012 - 08:21 pm - Link - Report abuse 0Forgetit, you are not thinking clearly.
Jan 03rd, 2012 - 11:09 pm - Link - Report abuse 0The national interest is an integral part of writing the contract. It is breakable by acts of God and circumstances written into the contract. I feel sure you have studied contracts and tort, etc., if you are telling the truth about your background. Defense of the contract ought to be the core of your position.
Your final sentence in #4 is nonsense.
Time to get back on form after the Christmas break.
Tin pot Dictatorships and Banana Republics do not respect Tribunal Decisions unless they win !
Jan 04th, 2012 - 05:16 am - Link - Report abuse 0End of !!
@Red Ho
Jan 04th, 2012 - 01:01 pm - Link - Report abuse 0Interesting, I specifically remember that your country and mine broke relations after yours refused to comply with a tribunal decision.
http://www.mundoeducacao.com.br/historiadobrasil/questao-christie.htm
You're perhaps too monolingual to read the link?
@Geoff
“The national interest is an integral part of writing the contract.”
Wha?
“It is breakable by acts of God and circumstances written into the contract.”
But as in most other contracts, if a party breaks one of the doc's clauses, it'll have to compensate the other in some way that will be established by outside arbitration, won't it? Isn't that just what happened? Won't Venezuela have to pay almost $1 bn to Exxon? Why only Exxon's abusive figure is good enough for you?
“I feel sure you have studied contracts and tort, etc., if you are telling the truth about your background.”
I've never studied such things, and I never told you anything about my background.
“Your final sentence in #4 is nonsense.”
You're in favour of a symbiotic merger of corporate interest and national and international institutions' policies. Many forms of authoritarianism are just about that - a small but influential class being able to model state policy in favour of its own interests. If you say states and international institutions' policies should be based on what affects the business community's mood, then that's what you'll be enabling, authoritarianism.
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