Venezuela Congress urges World Bank court pullout

[Judi Lynn]

Venezuela Congress urges World Bank court pullout
Thu Feb 14, 2008 12:58pm EST

CARACAS (Reuters) - Venezuela's Congress wants to pull out of an international body arbitrating a multibillion-dollar fight with Exxon Mobil Corp (XOM.N: Quote, Profile, Research), part of a compensation battle that threatens already thorny ties with Washington.

In a largely symbolic motion published on Thursday, Congress called on President Hugo Chavez to withdraw from the World Bank's International Center for Settlement on Investment Disputes over a battle with Exxon on payment for an oil project nationalized last year.

Venezuela Oil Minister Rafael Ramirez criticizes previous governments for allowing international arbitration in disputes with foreign oil companies.

But far from threatening to pull out of the body, he has instead vowed to win the case, which could last several years.

The congressional motion also backed a conditional threat Chavez made last week to stop exporting oil to the United States and urged the government to prosecute former officials who signed "harmful" contracts with foreign oil companies.

More:
http://www.reuters.com/article/ousiv/idUSN1446098720080214?rpc=401&