PDVSA, the state-owned oil company of crack-pot Hugo Chavez’s Venezuelan government, claims that Exxon’s (NYSE:XOM) seizer of $12 billion in assets is based on "fantasy". Lawyers for PDVSA said that the claim "that PDVSA would try to hide its assets was not credible," according to Reuters.
The South American government has nationalized some of Exxon’s assets in the country and the US company is seeking restitution.There is little question that the Exxon property was taken. Now the battle is over what it is worth.
Chavez is likely to wake up one morning and find the wreck of the Exxon Valdez parked in his back yard. The Exxon management are not nice people.
Douglas A. McIntyre
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