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CARACAS (Reuters) ? An arbitration panel has awarded U.S. oil giant Exxon Mobil Corp $908 million in compensation for Venezuela's 2007 nationalization of its assets, less than 10 percent of what the company sought in a long legal battle with the OPEC nation.
Venezuelan President Hugo Chavez likely will celebrate the ruling as a vindication of his nationalist confrontation with oil companies aimed at increasing revenue from the industry to boost funding for state-led anti-poverty programs.
But Venezuela faces another arbitration with Exxon (XOM.N) over the nationalization of the Cerro Negro heavy oil project, and more than a dozen pending claims from companies like oil major ConocoPhillips (COP.N) resulting from a wave of state takeovers.
"They must be elated that they got off so cheap. It's certainly a happy new year for Venezuela," said Russ Dallen, head bond trader at investment bank Caracas Capital Markets.
"But what gives Exxon hope is that it's only the first of two arbitration proceedings."
An Exxon spokesman said in an e-mail on Sunday that the International Chamber of Commerce, or ICC, had ruled that Venezuela's state oil company, PDVSA, "does have a contractual liability to Exxon Mobil. The ICC award is for $907,588,000."
The decision was made by a tribunal of the Paris-based ICC, which calls itself the world's leading institution for resolving cross-border business disputes and says it has handled several hundred cases a year since 1999.
Exxon had sought as much as $10 billion in compensation for its heavy crude upgrading project in the South American country's vast Orinoco belt, which was nationalized by Chavez along with three others. The award is less than the $1 billion Venezuela offered in compensation in September.
In addition to the ICC claim, Exxon filed for arbitration with the World Bank's International Centre for Settlement of Investment Disputes, or ICSID, over the same issue. The Exxon spokesman said that case was scheduled to be argued next month, and that the date for any verdict was not yet known.
Prices for Venezuela's widely traded bonds are likely to react positively to the news given some expectations that the award could have been higher, Dallen said. Venezuela's sovereign debt and PDVSA's bonds may get a lift on Monday.
A limited payout in the claim will help the socialist Chavez continue to boost state spending on public assistance and housing for the poor in the run-up to his October re-election bid, which is seen as the toughest of his 13 years in power.
STATE TAKEOVERS
The dispute between Exxon and Chavez became symbolic of the conflict between countries seeking more revenue from the booming oil industry and companies insisting on respect for investments and compensation for state takeovers.
The ICC decision appears to award Exxon a sum close to the $750 million it said it invested in the project - the amount Venezuela says Exxon deserves following the takeover.
But Exxon insists it should also be compensated for the increased value of the project, which at its outset in the early 1990s was considered risky because of low oil prices and uncertainty about the relatively untested operations to turn tar-like Orinoco oil into valuable light crude.
"Exxon took a risk when they went in. I'm sure they were expecting more than just making their money back," said Dallen, adding that it will be hard to reach a definitive conclusion about what the decision means until more details are released.
The Exxon spokesman told Reuters the company was still reviewing the more than 400-page ruling.
In 2007, Venezuela bought back $630 million in bonds issued to finance the Cerro Negro project, which Dallen said may have figured into the calculation of the award.
Local analyst Asdrubal Oliveros of Ecoanalitica estimated the value of Exxon assets in Venezuela at around $4.5 billion.
ConocoPhillips was an investor in two of the four Orinoco upgrader projects. Exxon and Conoco, who had in total asked for as much as $40 billion in compensation, both left the country after the nationalizations.
Venezuelan Energy Minister Rafael Ramirez has said the country does not expect to pay more than $2.5 billion for the combined total of the claims by the two companies. PDVSA said in a debt prospectus it had set aside $1.5 billion in provision for litigation as of the first half of 2011.
Venezuela's outstanding arbitration claims include disputes with Swiss cement-maker Holcim (HOLN.VX) and Canadian miner Gold Reserve Inc (GRZ.A), which could force it to make large payouts.
Chavez's steady push to boost control over the country's oil industry started in 2004 and was followed by similar efforts in oil-producing countries ranging from Ecuador to Kazakhstan.
Critics say his nationalization drive has slowed foreign investment that could help lift Venezuela's crude production, which has been stagnant for years, and left fewer companies interested in its oil fields.
Relations between Exxon and Venezuela were particularly acrimonious. In 2008, Exxon won an injunction against PDVSA to freeze up to $12 billion of its assets, a ruling that was quickly overturned but triggered furious criticism from Chavez.
Oil companies have remained eager to invest in the Orinoco belt, which is considered one of the world's largest crude reserves, with U.S. major Chevron (CVX.N) and Spain's Repsol (REP.MC) signing investment deals in 2010 for new multibillion-dollar projects there.
(Editing by Daniel Wallis and Stacey Joyce)
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Republican presidential candidate, Rep. Michele Bachmann, R-Minn., left, greets supporters during a campaign stop at the Black Bear Diner, Friday, Dec. 30, 2011, in Storm Lake, Iowa. (AP Photo/Eric Gay)
Republican presidential candidate, Rep. Michele Bachmann, R-Minn., left, greets supporters during a campaign stop at the Black Bear Diner, Friday, Dec. 30, 2011, in Storm Lake, Iowa. (AP Photo/Eric Gay)
Republican presidential candidate, former Massachusetts Gov. Mitt Romney listens at right as New Jersey Gov. Chris Christie speaks during a campaign appearance at a Hy-Vee grocery store, Friday, Dec. 30, 2011, in West Des Moines, Iowa. (AP Photo/Evan Vucci)
Republican presidential candidate Rep. Ron Paul, of Texas, speaks during a campaign stop, Friday, Dec. 30, 2011, in Le Mars, Iowa. (AP Photo/Eric Gay)
Republican presidential candidate, former Pennsylvania Sen. Rick Santorum, right, makes remarks during a campaign stop on Friday, Dec. 30, 2011, in Marshalltown, Iowa. (AP Photo/Evan Vucci)
Republican presidential candidate, Texas Gov. Rick Perry gestures as he speaks during a campaign stop at the Fainting Goat in Waverly, Iowa, Friday, Dec. 30, 2011. (AP Photo/Chris Carlson)
DES MOINES, Iowa (AP) ? The two leading Republican presidential candidates in Iowa left the stage to their rivals to make their final pitches to voters just three days before the state's Republican caucus.
Mitt Romney was to campaign in New Hampshire on Saturday while Ron Paul was taking time off in his home state of Texas. Newt Gingrich, Michele Bachmann, Rick Santorum and Rick Perry all remained in Iowa, touring the state as they worked to win over the many still-undecided conservative voters.
Romney and Paul are absent, but they're poised to do well here. Both are leading in polls and have the money and organization to turn supporters out to caucus Tuesday night.
But with just days until voters begin to select the GOP nominee, the other candidates are still fighting in a volatile race that's seen candidate after candidate rise only to quickly fall. The same polls suggest large numbers of Iowa Republicans could change their minds before the first test of the 2012 campaign.
Santorum is the latest to draw intense interest. He has been rising in polls and drawing larger and larger crowds in recent days. The once resurgent Gingrich has fallen behind as negative ads have battered him on the airwaves and in mailboxes.
Bachmann's campaign has struggled. She's lost key staffers and some activists have urged her to drop out of the race. Perry, meanwhile, has spent millions on TV ads and is continuing a bus tour that consumed much of December.
Romney will return to Iowa later Saturday and will hold events in the western part of the state in areas he won when he first ran for president four years ago.
On Friday, he focused on Paul ? his closest rival in recent polling ? calling the Texas congressman out of step with most Republicans.
"I don't think Ron Paul represents the mainstream of Republican thought with regards to issues, particularly in foreign policy," Romney told Fox News.
Paul planned to spend the weekend out of Iowa. Campaigning Friday, he said he would have trouble voting for any of his Republican rivals if they won the nomination.
"They all are part of the status quo," he said.
Gingrich, now struggling, has said he wouldn't vote for Paul.
The usually combative former House speaker made headlines Friday when he broke down and wept as he talked about his mother's end-of-life illnesses.
"I do policy much easier than I do personal," Gingrich told an audience of women as he tried to regain his composure. The tears flowed as he responded to questions about his mother from a pollster and longtime political ally.
"My whole emphasis on brain science comes in directly from dealing with the real problems of real people," he said, his face distorting as he began to cry. "And so it's not a theory. It's, in fact, my mother."
Kathleen "Kit" Gingrich died in 2003. She was 77.
Whatever the impact of Gingrich's tears on the race for the White House, the video clip seemed destined to be played repeatedly on television and the Internet.
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By PETER SILAS PASQUA
The Daily News
Published/Last Modified on Sunday, January 1, 2012 5:30 PM CST
Butler, 78,? was presented a certificate of appreciation and recognition by former players. Butler led the Spartans to the state championship in 1967. Central Memorial finished the season 20-1 after defeating Lake Providence in the title game.
?We had an exceptional team,? Butler said. ?We outhit and outpitched them and didn?t make any errors.
?I don?t want to take all the credit. The kids were good and disciplined and we had good parents.?The Spartans were led by Charlie Spikes,? who was drafted in the first round of the 1969 Major League Baseball Draft by the New York Yankees. Spikes also played for the Detroit Tigers, Cleveland Indians and Atlanta Braves.
The award was preliminary to group plans of honoring Butler during the 2012 Central Memorial High School Mass Class Reunion.
Attending the dinner Tuesday with Butler were Freddie Jefferson, Thomas D. Kates, Cloetha Burrell, Billy Harriel, Duke ?Chip? Otis and Larry Brown.
Source: http://www.gobogalusa.com/articles/2012/01/01/sports/doc4f00ec1dcc304081235754.txt
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I've written about a couple of web-based personal finance managers recently, so here's a final one to round off the trilogy.
Out Of The Dark (OOTD) is an online service designed to help you manage your money. ?Just enter details of what comes in, and what you spend it on, and the site's rich collection of reports and visualisations will help to ensure that you know where all your money is going.
You can reach the site at www.myootd.org. ?Access is free, and you simply need to enter an email address and password in order to register. ?Like most online services of this kind, there's no facility to initiate bank transfers or store details of bank accounts, so your money remains safe. ?As should your data too, of course, though I was slightly disappointed to see that my "welcome to OOTD" email contained a reminder of my password in plain text. ?Quite how the system knows this, if ?it's encrypting passwords before it stores them, is something that I intend to find out.
Still, OOTD seems like a useful system, especially as it's also available to use on smartphones so that you can track your finances from wherever you are. ?My thanks to user?Hareiana for telling me about it.
?
Source: http://www.techsupportalert.com/content/another-free-web-hosted-personal-finance-app.htm
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