08 June 2017 | William Serafino | telesurtv
The current U.S. secretary of state — the foreign policy chief — is Rex Tillerson, a former general manager at ExxonMobil. Tillerson was the top manager of the company when former President Hugo Chavez made the decision to nationalize the Orinoco Oil Belt where the U.S. corporation had major projects.
Under Tillerson’s command, the U.S. company decided not to renegotiate its oil projects like the one belonging to Cerro Negro in Monagas with state-owned PDVSA, according to the new directives after nationalization. ExxonMobil sued PDVSA at the ICSID — the World Bank court to resolve investment disputes — seeking compensation in the amount of US$20 billion back in 2007.
After nearly a decade-long legal battle, reviews and appeals to various verdicts, on March 10, 2017, the ICSID decided that the lawsuit of ExxonMobil contained irregularities and freed PDVSA of paying any damages. The northern oil company suffered perhaps the biggest legal defeat of its history with this ruling in favor of the Venezuelan state.