Venezuelan President Hugo Chavez threatened on Sunday to cut off oil sales to the US in an "economic war" if ExxonMobil Corp wins court judgments to seize billions of dollars in Venezuelan assets.
"If you end up freezing [the assets] and it harms us, we're going to harm you," Chavez said, turning his words to US President George W. Bush. "Do you know how? We aren't going to send oil to the United States. Take note, Mr Bush, Mr Danger."
ExxonMobil has gone after the assets of Venezuela's state oil company, Petroleos de Venezuela SA, in US, British and Dutch courts as it challenges the nationalization of a multibillion dollar oil project by Chavez's government last year. A British court has issued an injunction "freezing" as much as US$12 billion in assets.
"I speak to the US empire, because that's the master: Continue and you will see that we won't send one drop of oil to the empire of the United States," Chavez said during his weekly radio and TV program Alo Presidente.
"The outlaws of ExxonMobil will never again rob us," Chavez said, accusing the Irving, Texas-based oil giant of acting in concert with Washington and being part of corporate "worldwide mafias."
Chavez has often threatened to cut off oil shipments to the US, which is Venezuela's No. 1 client, if Washington tries to oust him.
Chavez's warnings on Sunday appeared to extend that threat to attempts by oil companies to challenge his government's nationalization drive through lawsuits.
"If the economic war continues against Venezuela, the price of oil is going to reach US$200 [a barrel] and Venezuela will join the economic war," Chavez said.
"And more than one country is willing to accompany us in the economic war," he said.
ExxonMobil spokeswoman Margaret Ross said the company had no comment. A US embassy spokeswoman in Caracas did not return a call.
The US imported 1.23 million barrels of crude oil a day from Venezuela in November, making it the fourth-biggest source of oil imports behind Canada, Saudi Arabia and Mexico, the latest US Energy Department figures showed.
Those four countries, along with Nigeria, accounted for 74 percent of US crude oil imports in November, the government said. By itself, Venezuela accounted for about 12 percent of US crude imports, the figures showed.
Venezuelan Oil Minister Rafael Ramirez has said that court orders won by ExxonMobil have "no effect" on the state oil company PDVSA and are merely "transitory measures" while Venezuela presents its case in courts in New York and London.
ExxonMobil is also taking its claims to international arbitration, disputing the terms it was granted under Chavez's nationalization last year of four heavy oil projects in the Orinoco River basin, one of the world's richest oil deposits.
Late last night, PDVSA said it had moved its export payment accounts to UBS bank in Switzerland after ExxonMobil secured the embargo.
A central bank director in Curacao said Exxon lawyers had told banks that one of the court rulings meant they had to at least maintain the current level of funds PDVSA holds in any account in the Netherlands Antilles island.
"It all has to go to UBS in Switzerland now," said one trader who asked not to be identified.
Indonesia was to sign an agreement to repatriate two British nationals, including a grandmother languishing on death row for drug-related crimes, an Indonesian government source said yesterday. “The practical arrangement will be signed today. The transfer will be done immediately after the technical side of the transfer is agreed,” the source said, identifying Lindsay Sandiford and 35-year-old Shahab Shahabadi as the people being transferred. Sandiford, a grandmother, was sentenced to death on the island of Bali in 2013 after she was convicted of trafficking drugs. Customs officers found cocaine worth an estimated US$2.14 million hidden in a false bottom in Sandiford’s suitcase when
CAUSE UNKNOWN: Weather and runway conditions were suitable for flight operations at the time of the accident, and no distress signal was sent, authorities said A cargo aircraft skidded off the runway into the sea at Hong Kong International Airport early yesterday, killing two ground crew in a patrol car, in one of the worst accidents in the airport’s 27-year history. The incident occurred at about 3:50am, when the plane is suspected to have lost control upon landing, veering off the runway and crashing through a fence, the Airport Authority Hong Kong said. The jet hit a security patrol car on the perimeter road outside the runway zone, which then fell into the water, it said in a statement. The four crew members on the plane, which
Japan’s ruling Liberal Democratic Party (LDP) and its junior partner yesterday signed a coalition deal, paving the way for Sanae Takaichi to become the nation’s first female prime minister. The 11th-hour agreement with the Japan Innovation Party (JIP) came just a day before the lower house was due to vote on Takaichi’s appointment as the fifth prime minister in as many years. If she wins, she will take office the same day. “I’m very much looking forward to working with you on efforts to make Japan’s economy stronger, and to reshape Japan as a country that can be responsible for future generations,”
SEVEN-MINUTE HEIST: The masked thieves stole nine pieces of 19th-century jewelry, including a crown, which they dropped and damaged as they made their escape The hunt was on yesterday for the band of thieves who stole eight priceless royal pieces of jewelry from the Louvre Museum in the heart of Paris in broad daylight. Officials said a team of 60 investigators was working on the theory that the raid was planned and executed by an organized crime group. The heist reignited a row over a lack of security in France’s museums, with French Minister of Justice yesterday admitting to security flaws in protecting the Louvre. “What is certain is that we have failed, since people were able to park a furniture hoist in the middle of
RSS