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| Version 0 | Version 1 |
|---|---|
| Venezuela breaks ties with Exxon | Venezuela breaks ties with Exxon |
| (about 14 hours later) | |
| Venezuela's state oil company PDVSA has announced it is suspending sales of crude to Exxon Mobil, in response to legal action brought by the US firm. | Venezuela's state oil company PDVSA has announced it is suspending sales of crude to Exxon Mobil, in response to legal action brought by the US firm. |
| President Hugo Chavez has said he will no longer do business with Exxon which he says is not welcome in Venezuela. | President Hugo Chavez has said he will no longer do business with Exxon which he says is not welcome in Venezuela. |
| Exxon wants compensation following the nationalisation of a project in Venezuela's largest oil reserve. | Exxon wants compensation following the nationalisation of a project in Venezuela's largest oil reserve. |
| The firm receives about 2% of its supply from Venezuela and has a refining joint venture with PDVSA. | |
| That joint venture, the Chalmette refinery in New Orleans has not been affected by the disagreement, Exxon said on Wednesday. | |
| Frozen assets | Frozen assets |
| This is a fight between two giants - Exxon Mobil, the world's largest private oil firm, versus Venezuela's state energy company. | This is a fight between two giants - Exxon Mobil, the world's largest private oil firm, versus Venezuela's state energy company. |
| A recent court ruling freezing some Venezuelan assets in the country's Orinoco Belt, pending arbitration has outraged President Hugo Chavez. | A recent court ruling freezing some Venezuelan assets in the country's Orinoco Belt, pending arbitration has outraged President Hugo Chavez. |
| He has accused Exxon of plundering the nation's resources, claiming their action is part of a wider economic war backed by the US government. | He has accused Exxon of plundering the nation's resources, claiming their action is part of a wider economic war backed by the US government. |
| Around $12bn worth of PDVSA assets have been frozen by the legal action. | |
| Mr Chavez has retaliated by cutting oil supplies to the company as well as all commercial relations. | Mr Chavez has retaliated by cutting oil supplies to the company as well as all commercial relations. |
| The amount is not huge. But the move does put an end to any hopes the company had of negotiating with Venezuela and returning to future projects. | The amount is not huge. But the move does put an end to any hopes the company had of negotiating with Venezuela and returning to future projects. |
| Meanwhile, Mr Chavez is still threatening to cut supplies to the United States if Venezuelan interests are adversely affected by legal action. | Meanwhile, Mr Chavez is still threatening to cut supplies to the United States if Venezuelan interests are adversely affected by legal action. |