Venezuelan Minister of Energy and Petroleum and CEO of state-run oil conglomerate Pdvsa Rafael Ramírez Friday referred to the legal dispute between Pdvsa and US oil major Exxon Mobil in connection with the nationalization last year of oil upgrader Cerro Negro, and said the Venezuelan government would not recoil in the defense of the country's interests and would continue efforts to regain full sovereignty over oil resources.

"They made a mistake about us. It is important for these multinational corporations to know that we will not fear or give in," Ramírez declared before oil workers during a rally on Tía Juana dock in oil-rich northwestern Zulia state.

In Ramírez's view, Exxon Mobil's moves are intended to gain a higher compensation for the assets it owned in Cerro Negro. "The issue here is who keeps oil revenues. In the past, oil revenues were in the hands of the US imperialism, and then they were in the hands of the Venezuelan oligarchs, but now they are in the people's hands. That is why they do not forgive President (Hugo) Chávez. This is the crux of the matter."

The official reminded that ever since the government launched a campaign to regain oil sovereignty back in 2002, the Venezuelan State has recovered USD 40 billion for the Venezuelan people. This has allowed us "to recover from the disaster we inherited from the Fourth Republic and boost the social missions," among other things.