Venezuelan government will not negotiate with ExxonMobil to settle dispute over financial terms for 2007 nationalization of ExxonMobil oil project; Venezuela to challenge Exxon's compensation demands under treaty created by World Bank

Rachel Carter

CARACAS, Venezuela , September 23, 2011 (Associated Press) – Venezuela rules out negotiating agreement with Exxon Mobil to settle nationalization dispute

Venezuela's government says it has no intention of negotiating with Exxon Mobil Corp. to try to settle their dispute over financial terms for the nationalization of an oil project.

Energy Minister Rafael Ramirez says Venezuela will challenge Exxon's compensation demands under a treaty created by the World Bank.

Exxon already has turned to international arbitration to pursue its claim for billions of dollars in compensation after it refused to accept Venezuela's terms for a 2007 nationalization of an oil project.

The state-run AVN news agency quoted Ramirez on Thursday as saying Exxon's compensation demands are excessive. Ramirez doesn't elaborate.

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