Chavez calls claims by Exxon Mobil 'madness'

Venezuela's Chavez calls arbitration claims by Exxon Mobil 'madness'

Associated Press

CARACAS, Venezuela (AP) -- Venezuelan President Hugo Chavez says Exxon Mobil Corp. has been demanding excessive amounts in compensation for the nationalization of its assets.

Chavez says Exxon Mobil's demands of $12 billion in compensation were, in his words, "madness."

The oil company said on Sunday that the International Chamber of Commerce had awarded it more than $907 million in an arbitration case.

Chavez said on Wednesday that Exxon Mobil had been "arrogant" in not wanting to pursue a negotiated settlement. The company sought arbitration after the government nationalized an oil project in 2007.

Exxon Mobil still has another arbitration case pending before the World Bank-affiliated International Centre for Settlement of Investment Disputes.

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