Minister of Energy and Petroleum Rafael Ramírez said that Venezuela is "willing to reach an agreement with Exxon Mobil and ConocoPhillips” (Photo: AP)

Oil
Venezuelan Minister of Energy and Petroleum Rafael Ramírez said that Venezuela is "willing to reach an agreement with Exxon Mobil, and ConocoPhillips, provided that the sum is reasonable," in relation to arbitrations and litigations pending, after state-run oil firm Pdvsa took over and nationalized Exxon and Conoco assets in Venezuela.

"We never said we will not pay for the assets (...) The arbitration at the International Chamber of Commerce and the International Center for Settlement of Investment Disputes (Icsid) is moving forward, and we must defend ourselves," Ramírez said. He added the Venezuelan government expects that one of the arbitration awards will be delivered soon.

Four months ago, Ramírez said that paying some USD 2.5 billion in connection with the claims brought by Exxon Mobil and ConocoPhillips would be a "success."

Some sources estimate at USD 7 billion-12 billion the sum Exxon Mobil is seeking from Pdvsa in compensation for the assets seized by the Venezuelan state-run oil holding.
etovar@eluniversal.com

The outcome will be a milestone for future arb yet to come. The lesson is, settle as soon as possible and don't wait until the last minute to make a deal. I hope they get hit big time. and ask for cash up front.

settle with Crystallex now.