Exxon Mobil Asks too Much: Venezuela's Oil Minister

Exxon Mobil asked 10 times more in compensation that it may deserve from Venezuela, the country's oil minister Rafael Ramirez said.

Ramirez said the amount Exxon Mobil could lose as a result of Venezuela's nationalization last year "wouldn't even reach 10 percent" of the US$12 billion in assets the company has sought to freeze in court.

Exxon Mobil is seeking to freeze assets belonging to Venezuela's state oil company, Petroleos de Venezuela SA, or PDVSA, to guarantee a payoff in the event an international arbitration panel rules in its favor. A British court injunction last month ordered up to US$12 billion of PDVSA's assets to be temporarily frozen.