Just as unstable Venezuelan president Hugo Chavez thought he was making off with $12 billion in Exxon assets the world largest oil company got him into court. The Exxon property was being taken as a part of a nationalization process in the South American country. It is also called stealing.
According to The Wall Street Journal XOM "has obtained court orders freezing more than $12 billion in bank accounts and assets in Europe, the Caribbean and New York belonging to the Venezuelan state oil company." Exxon would probably be willing to trade those for what it owns in Chavez’s neck of the woods.
The move by Exxon may block Venezuela’s own oil company PDVSA from getting access to the capital markets. Companies like ConocoPhillops (COP), which have had similar problems, may also go to court.
With instability in several oil exporting countries, most notably Nigeria, the court decisions may make governments think twice about taking overseas assets to help pay debt and enrich the local politicians and dignitaries. Chavez would make the argument that the money is going to new infrastructure and the county’s poor.
That would make him more crazier than more people think.
Douglas A. McIntyre
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.