3/6/08

OPEC backs Venezuela in Exxon dispute


The Organization of Petroleum Exporting Countries (OPEC) pledged Wednesday in Vienna, Austria, its support to Venezuela in its legal dispute with US giant Exxon Mobil.

In statements to Venezolana de Television, Venezuelan Energy and Oil Minister Rafael Ramirez said the OPEC meeting being held in Vienna had issued a statement expressing the group's position.

The OPEC conference received information on the topic and supported Caracas and the Venezuelan state-run oil company PDVSA in the course of their sovereign rights over natural resources, Ramirez claimed.The text called to solve all legal disputes in a friendly way, and to avoid any extra-territorial act such as the one Exxon is trying to impose on PDVSA.

Ramirez said many OPEC members have expressed their support to Venezuela, which is in a legal dispute with a company that goes against the UN principles allowing each country to manage their own resources.Exxon Mobil is trying to apply preventive measures to freeze PDVSA assets valued at $12 million.

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