Venezuela sees max $2.5 billion arbitration bill for Exxon, ConocoPhillips Nationalizations
Reuters, March 31, 2011
Venezuela calculates it will pay no more than $2.5 billion to Exxon Mobil and ConocoPhillips in looming arbitration rulings over oil nationalizations, Energy Minister Rafael Ramirez said.
Venezuela also expects oil prices to remain unstable because Western military intervention in Libya has raised the possibility of conflict spreading in North Africa, the OPEC member’s minister said in an interview for the Reuters Latin American Investment Summit.
He said the earthquake and nuclear and crisis in Japan were adding further uncertainty to the market and that Venezuela should be seen as a reliable supplier.
State oil company PDVSA aims to increase exports to China to 600,000 barrels per day this year, from 470,000 bpd currently, he added.
The company has no immediate plans to sell more debt on the global capital markets, he said.