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CARACAS, Tuesday March 18, 2008 | Update

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Venezuela announces arbitration talks with ExxonMobil

Venezuela is to start international arbitration talks with US oil giant ExxonMobil following a London court ruling that suspended an injunction freezing USD 12 billion of global assets owned by Venezuelan state oil firm Pdvsa, Tuesday announced Energy and Petroleum Minister Rafael Ramírez.

"We will return to the arbitration in New York to look for a fair compensation for the companies whose interests have been affected," said Ramírez in a press conference, reported AFP.

"The schedule of actions is going to be set by the arbitration," added Ramírez, who is also Pdvsa CEO.

On Tuesday, the England and Wales High Court decided to overturn an order freezing USD 12 billion in Pdvsa's assets outside Venezuela.

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Bases of discord

04:17 PM. Western Hemisphere. "Damned empire; I curse you one thousand times; some day you will be finished off and wrecked. I curse you one thousand times, empire." This is the least that President Hugo Chávez has uttered to refer to the US government. In urging the Bolivarian Armed Forces to prepare for war, he said that a US raid on Venezuela through Colombia would trigger and spread over the region "the 100-year war."