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Chavez threatens to cut off oil sales to U.S., calls Exxon Mobil 'outlaws' | Markets | Headline News | Canadian Business Online Forgot my password Become a member now Canada US My Portfolio Gainers Losers Actives Mutual Fund Lookup Discussions | e-Newsletters | Blogs | RSS | Site map | Help Stocks Bonds Commodities Headline News Market News Earnings News M&As & IPOs Economic Indicators Career Employees Strategy B-School Live and Learn Archives e-Newsletter e-Newsletter sign-up My Tech Companies Trends Exporting Financing Human Resources Managing Personal Development Sales & Marketing Startup Guide Technology Investing Planning Spending Fund Lookup My Portfolio My Watchlist Gotta Have It Gotta Do It Think About This Multimedia Rates Blogs RSS Feeds Discussion Boards Visitor Survey My CBO Profile #breadcrumbs, #breadcrumbs a {text-transform: uppercase;} Income Trusts Headline News Market News Earnings News M&As and IPOs CNW Group Marketwire Gainers | Decliners | Actives Economic indicators Annual reports Blog: Investment ideas Ask Calvin Discussion boards Our Columnists Set my home page Ads by yahoo Market Wrap Innovation Newsletter Mutual Fund Small Business Profit-Xtra | Xchange Site Update Subscribe/Unsubscribe Why register? Become a member Edit my profile Site help and FAQ Best viewed with Site map Investment tracker Take our survey Magazine Subscribe Now! Renew | Give a Gift Customer Service Magazine Subscribe now! Renew | Give a Gift Customer Service Join our Advisory Panel Magazine Qualify Chavez threatens to cut off oil sales to U.S., calls Exxon Mobil 'outlaws' Chavez threatens to cut off oil sales to U.S., calls Exxon Mobil 'outlaws' Sandra Sierra, The Associated Press February 10, 2008 - 7:17 p.m. Venezuela's President Hugo Chavez gestures as he arrives for a meeting with the relatives of three Colombian hostages in Barinas, Venezuela, Saturday. THE ASSOCIATED PRESS/Fernando Llano CARACAS, Venezuela - President Hugo Chavez on Sunday threatened to cut off oil sales to the United States in an "economic war" if Exxon Mobil Corp. wins court judgments to seize billions of dollars in Venezuelan assets. Exxon Mobil has gone after the assets of state oil company Petroleos de Venezuela SA in U.S., British and Dutch courts as it challenges the nationalization of a multibillion dollar oil project by Chavez's government. A British court has issued an injunction "freezing" as much as $12 billion in assets. The story continues below... This article Email this page | Print this page | Tell us your thoughts Helpful links Site Search Canadian Business Online Become a member now | My Canadian Business Join our advisory panel "If you end up freezing (Venezuelan assets) and it harms us, we're going to harm you," Chavez said during his weekly radio and television program, "Hello, President." "Do you know how? We aren't going to send oil to the United States. Take note, Mr. Bush, Mr. Danger." Chavez has repeatedly threatened to cut off oil shipments to the United States, which is Venezuela's No. 1 client, if Washington tries to oust him. Chavez's warnings Sunday appeared to extend that threat to attempts by oil companies to challenge his government's nationalization drive through lawsuits. "I speak to the U.S. empire, because that's the master: continue and you will see that we won't sent one drop of oil to the empire of the United States," Chavez said Sunday. "The outlaws of Exxon Mobil will never again rob us," Chavez said, accusing the Irving, Texas-based oil company of acting in concert with Washington. Exxon Mobil spokeswoman Margaret Ross said the company had no comment. A U.S. Embassy spokeswoman in Caracas did not return a call. Venezuela accounted for about 12 per cent of U.S. crude oil imports in November, the latest figures available from the U.S. Energy Department. The 1.23 million barrels a day from Venezuela makes that country the U.S.'s fourth-biggest oil importer behind Canada, Saudi Arabia and Mexico. Venezuelan Oil Minister Rafael Ramirez has argued that court orders won by Exxon Mobil have "no effect" on the state oil company PDVSA and are merely "transitory measures" while Venezuela presents its case in courts in New York and London. Exxon Mobil is also taking its claims to international arbitration, disputing the terms it was granted under Chavez's nationalization last year of four heavy oil projects in the Orinoco River basin, one of the world's richest oil deposits. Other major oil companies including U.S.-based Chevron Corp., France's Total, Britain's BP PLC, and Norway's StatoilHydro ASA have negotiated deals with Venezuela to continue on as minority partners in the Orinoco oil project. | About Us | Contact Us | My Profile | My Canadian Business | Site Map | | Privacy Policy | Terms of Use | Magazine Subscriber Services | For Advertisers | Press Room | © 1997-Rogers Publishing Limited All rights reserved. Terms of Service. 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