Sues Exxon in Venezuela in the World Bank, Venezuela Against

Venezuelan President Hugo Chavez, declared that his country would not recognize any ruling of the trial related to the World Bank arbitration cases billions of dollars in oil company based in the U.S., Exxon Mobil Corp..

According to news agency Reuters, Exxon Venezuela complained to the International Centre for Settlement of Investment Disputes (ICSID), namely the World Bank arbitration institution. By Exxon, Venezuela was sued for U.S. $ 12 billion as a form of compensation after their assets in the Cerro Negro oil project was taken over by force in 2007.

For the government of Venezuela, the Cerro Negro project is part of the nationalization of the oil industry. Crude oil processing projects that were previously foreign-owned banks were taken over by the Venezuelan government.

However, Chavez said he would not be affected by the decision of the arbitration of the World Bank. "I say to you now: we will not recognize any decision of the ICSID," Chavez said in a speech broadcast television stations Venezuelan government on Sunday.

Even Chavez also reiterated that Exxon uses an unfair deal in the past to "rob" the resources of Venezuela. "They were not immoral. How could they steal for 50 years? Who would dare to launch this madness without foundation? They want U.S. $ 12 billion, money from which, my friend?"

"We will not bow in front of imperialism and their lackeys. Got it. They tried to do the impossible, namely to tell us to pay them. We will not pay anything to them," said Chavez.

Exxon spokesman would not comment on Chavez's statements.

Last week in a dispute that is processed by another tribunal, the International Chamber of Commerce, Exxon is entitled to receive compensation amounting to U.S. $ 908 million in Venezuela over the nationalization of the Cerro Negro project.