Venezuela: Exxon Attack is Political

Venezuela is getting ready Tuesday to retaliate for Exxon Mobile´s legal action to freeze assets of state oil company PDVSA, claiming the attack by the US-based oil giant is political.

Deputy Energy and Oil Minister Bernard Mommer termed the ruling by a New York court freezing $300 million of PDVSA´s assets unilateral.

Mommer told Venezolana de Television program "En Confianza," that it was a unilateral decision, and that Petroleos de Venezuela S.A. never had a chance to present its arguments.

According to the government official, Venezuela is ready to pay the corresponding compensation for the expropriation of Exxon Mobile´s properties, as a result of a process to rescue oil sovereignty.

He recalled that of 32 operation agreements and associations, which he termed as a covert privatization, only Exxon Mobil rejected to become a joint venture, while negotiations are still open with Conoco Phillips.

The Venezuelan deputy minister said negotiations with Exxon Mobile failed because the company refused to accept the withdrawal of international arbitration on the eventual joint venture.

The case has never had economic grounds, he stated.

Mommer called Exxon Mobile´s $12 billion lawsuit "pure fantasy", and said it was just another attempt to create a negative atmosphere.