Chevron OK with Venezuela arbitration ban

[Judi Lynn]

Source: Bloomberg, etc.

Wednesday, 04 November, 2009, 17:50 GMT

Chevron OK with Venezuela arbitration ban
Wire reports

US supermajor Chevron is willing to work in Venezuela under contracts that ban international arbitration in case of conflict, a company executive said.

“Attractive fiscal terms” are most important as the company decides on new projects, Ali Moshiri, president of Chevron Latin America and Africa, said yesterday in an interview at a heavy oil conference at Margarita, Venezuela.

Venezuelan President Hugo Chavez doesn’t want foreign courts or panels getting involved in disputes between his government and international energy companies.

US supermajors ExxonMobil and ConocoPhillips have asked arbitration panels in Europe and the US to order Venezuela to compensate the companies for multi-billion dollar assets seized in 2007.

“There are many risks, but you have to look at the whole picture and see if it meets your requirements,” Moshiri said in a Bloomberg report.


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