Chavez Retreats (XOM)
February 25, 2008 by Douglas A. McIntyrePerhaps feeble-minded Venezuelan president Victor Chavez does not want to spend decades in court with Exxon (NYSE: XOM) fighting over the oil company’s seizure of some of the country’s assets due to nationalization of Exxon property.
"With Exxon the solution was obvious from the beginning: if we position ourselves in the area of production, we withdraw our position in refining and those two amounts are similar," Deputy Oil Minister Bernard Mommer told the El Universal daily newspaper according to Reuters.
Having assets seized sometimes clears the head.
Douglas A. McIntyre
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