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.
POLITICAL PRISONERS VS DEPORTEES: Venezuela’s prosecutor’s office slammed the call by El Salvador’s leader, accusing him of crimes against humanity Salvadoran President Nayib Bukele on Sunday proposed carrying out a prisoner swap with Venezuela, suggesting he would exchange Venezuelan deportees from the US his government has kept imprisoned for what he called “political prisoners” in Venezuela. In a post on X, directed at Venezuelan President Nicolas Maduro, Bukele listed off a number of family members of high-level opposition figures in Venezuela, journalists and activists detained during the South American government’s electoral crackdown last year. “The only reason they are imprisoned is for having opposed you and your electoral fraud,” he wrote to Maduro. “However, I want to propose a humanitarian agreement that
ECONOMIC WORRIES: The ruling PAP faces voters amid concerns that the city-state faces the possibility of a recession and job losses amid Washington’s tariffs Singapore yesterday finalized contestants for its general election on Saturday next week, with the ruling People’s Action Party (PAP) fielding 32 new candidates in the biggest refresh of the party that has ruled the city-state since independence in 1965. The move follows a pledge by Singaporean Prime Minister Lawrence Wong (黃循財), who took office last year and assumed the PAP leadership, to “bring in new blood, new ideas and new energy” to steer the country of 6 million people. His latest shake-up beats that of predecessors Lee Hsien Loong (李顯龍) and Goh Chok Tong (吳作棟), who replaced 24 and 11 politicians respectively
Young women standing idly around a park in Tokyo’s west suggest that a giant statue of Godzilla is not the only attraction for a record number of foreign tourists. Their faces lit by the cold glow of their phones, the women lining Okubo Park are evidence that sex tourism has developed as a dark flipside to the bustling Kabukicho nightlife district. Increasing numbers of foreign men are flocking to the area after seeing videos on social media. One of the women said that the area near Kabukicho, where Godzilla rumbles and belches smoke atop a cinema, has become a “real
‘POINT OF NO RETURN’: The Caribbean nation needs increased international funding and support for a multinational force to help police tackle expanding gang violence The top UN official in Haiti on Monday sounded an alarm to the UN Security Council that escalating gang violence is liable to lead the Caribbean nation to “a point of no return.” Special Representative of the UN Secretary-General for Haiti Maria Isabel Salvador said that “Haiti could face total chaos” without increased funding and support for the operation of the Kenya-led multinational force helping Haiti’s police to tackle the gangs’ expanding violence into areas beyond the capital, Port-Au-Prince. Most recently, gangs seized the city of Mirebalais in central Haiti, and during the attack more than 500 prisoners were freed, she said.
RSS