All data is delayed
See More

Opec not getting involved in Iran dispute

Jan 10 2012 07:46

Caracas - Opec will not get involved in the standoff between Iran and Western powers over its nuclear programme, Venezuela's oil minister said on Monday during an official visit by Iran's president to Venezuela.

The Islamic Republic is facing toughened sanctions by the United States meant to force a halt to its uranium enrichment program, which Washington says is aimed at creating weapons. Iran insists its nuclear program is peaceful.

"OPEC will not get involved in the issue with Iran," Ramirez told reporters following a meeting between Iranian President Mahmoud Ahmadinejad and Venezuelan President Hugo Chavez. He said the sanctions are "causing instability in the market."

Ramirez also said Venezuela considered its legal dispute with US oil giant Exxon Mobil to be closed after an arbitration ruling by the International Chamber of Commerce, or ICC, ordered Venezuela to pay $908m in a commercial dispute over 2007 nationalization of assets.

He said there was no longer any reason for Exxon to continue with a separate arbitration proceeding at the World Bank arbitration tribunal known as the ICSID, where Exxon is seeking compensation for the value of assets taken over by the state.

"We will not accept any resolution that plans to impose an exorbitant payment on our country," Ramirez told reporters, reiterating President Hugo Chavez's statements on Sunday that Venezuela planned to withdraw from the ICSID.

But he added that for the time being, Venezuela will continue litigation of a similar dispute with US oil giant ConocoPhillips, which also sued over the 2007 state takeover of its assets.

The Conoco and Exxon cases are the most advanced of more than 20 arbitration claims against Venezuela at the ICSID.

Some experts expect the next ICSID ruling related to Venezuela could come in 2012, though Venezuela's government does not expect rulings this year.

opec  |  iran  |  oil



Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about: SMALL BUSINESS

From fossils to finance – that’s been the career trajectory of Dr Merrill van der Walt, a palaeontologist until recently. She is now a statistician with a difference.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

SA's avoidance of junk status by rating agencies: Moody's and Fitch

Previous results · Suggest a vote