Chavez vows Venezuela revolution despite Exxon

CARACAS, Feb 9 (Reuters) – President Hugo Chavez vowed on Saturday to keep to his self-styled socialist revolution despite Exxon Mobil winning court orders freezing up to $12 billion of Venezuela’s assets in a nationalization dispute.

The American company has retaliated for Chavez’s seizure last year of an Exxon project, winning the first big court battle over compensation for a takeover that the anti-U.S. president says will help create a socialist state.


Exxon’s move sparked a sell-off in the OPEC nation’s debt bonds this week and prompted government officials to tell Venezuelans to remain calm.

The court rulings in several countries mean state oil company PDVSA — Chavez’s main income source — cannot sell certain assets or move some funds while the compensation case is reviewed.

“You have a multinational, imperialist company trying to damage our flagship company,” Chavez said at a meeting with farmers. “But this ship will keep sailing and sailing full of oil.”

Reuters