The Venezuelan government declared the nationalization of ExxonMobil refused to pay compensation as determined by a court of international arbitration. Latin American countries will pay less, far from a predetermined price.

As reported by CNN on Monday, January 2, 2011, Venezula will only pay compensation amounting to U.S. $ 255 million or around Rp 2, 3 trillion. This amount is far from an arbitration decision that requires Venezuela to pay ExxonMobil reached the number of U.S. $ 907 million or Rp 8, 23 trillion.

Venezuela refused to pay the amount specified as under PdSVA oil company, ExxonMobil owes much to the state.

Nationalization efforts begun in 2007 ExxonMobil has past when Venezuela took 42 per cent profit on Cerro Negro joint venture project. Upon this, ExxonMobil filed an arbitration case against Venezuela with compensation of U.S. $ 10 billion.

The Venezuelan government also argues that the takeover of the project in the belt Orinico and ExxonMobil is the right of state sovereignty. In the lawsuit arbitrasenya, ExxonMobil requested billions of dollars in compensation. PdSVA said the lawsuit is redundant and illogical.

Venezuela still faces more than a dozen demands arbitration, including disputes with oil companies ConocoPhillips and cement company Holcim. A lawsuit could force Venezuela to pay billions of dollars.

Conoco Phillips is the investor of the four Orinoco projects, which contain valuable crude oil. Two companies that require a total compensation of U.S. $ 40 billion (Rp362, 8 trillion).

Venezuelan Energy Minister Rafael Ramirez said his country did not expect to pay more than U.S. $ 2.5 billion for the combined demands of ConocPhillips arbitration and Exxon Mobil.

Arbitration demands filed by many large companies in Venezuela after Hugo Chavez in an effort to nationalize foreign companies. In addition to targeting oil companies, Chavez has previously nationalized Canadian gold company.