Sovereignty won out in British Court

JUAN ANTONIO BORREGO, special correspondent

CARACAS.— The ruling by a British court on the suit filed by Exxon-Mobil Corp. against the PDVSA State Oil Co. was a victory "backing 100 percent the arguments put forth by Venezuela," said Energy and Oil Minister Rafael Ramirez on Tuesday.

Ramirez, who is also the PDVSA president, told a press conference at the company’s Caracas headquarters that the ruling reversing a freeze of PDVSA funds vindicates "the right of governments to legislate in their respective countries," and constitutes a major victory not only for Venezuela but for all countries that decide to manage their own national resources.

"We have defeated Exxon-Mobil in the London court," said Ramirez. He added that Venezuela is considering legal action against the US giant for the damage and losses caused to PDVSA in the disproportionate preventive measure known as the "Mareva injunction" and the campaign of economic sabotage.

Minister Ramirez explained that his country will not proceed until Judge Paul Walker, in charge of the case, publishes the official verdict, which the magistrate said would take place on Thursday.

However, in his preliminary ruling, the judge was sufficiently explicit on the dispute when he said: "I have decided that the court order (…) should be revoked," annulling the request on January 24 by Exxon Mobil to freeze US $12 billion of PDVSA assets as a preventive measure.

Meanwhile, in eastern Venezuela, workers of Petromonagas, formerly Cerro Negro, ex-property of Exxon Mobil, expressed their satisfaction with the ruling by the British court and ratified their support for the national policy to recover the Orinoco Oil Belt, the country’s strategic reserve.

19-03-2008