Venezuelan state oil holding Pdvsa was not surprised by the fact that US Exxon Mobil last week filed an action with the International Center for Settlement of Investment Disputes (ICSID) seeking arbitration, in connection with the forced migration of strategic partnership Cerro Negro to a joint venture where the Venezuelan State holds a majority stake.

"What (Exxon Mobil) asked for during the negotiations we held made no sense," said Minister of Energy and Petroleum and CEO of state oil holding Pdvsa Rafael Ramírez, after attending a meeting in Vienna with lawyers that are to advise the Venezuelan conglomerate to face the lawsuit at the ICSID, a body of the World Bank.

"We are ready to face this," he added, even though according to President Hugo Chávez Venezuela and other countries in the region are making steps to withdraw from ICSID based on sovereignty issues.

Ramírez also rejected former Pdvsa CEO Luis Giusti's remarks in connection with this case, and warned that Venezuela is not accepting Giusti's role as a witness in the case filed by Exxon Mobil because he "has a biased view in favor of multinationals."

Last September 6, Exxon Mobil filed the complaint with the ICSID, and claimed that when its 41.66 stake in Cerro Negro was terminated, book value of productive assets amounted to some USD 750 million.