Caracas, 04 Sep. AVN. - The Minister of Petroleum and Mining Rafael Ramirez stressed that the Bolivarian government continue to defend the sovereignty of the country's energy resources with the aim of transnational companies such as Conoco-Phillips U.S., which seeks to achieve economic agreements with Venezuela in a court that is performed at the International Centre for Settlement of Investment Disputes (ICSID), an agency under the World Bank.

"There are international law, not the law of Conoco-Phillips, are our laws which are based on the situation based on the Constitution," he said Wednesday during a press conference from PDVSA.

Although Venezuela resigned in January 2012 to continue airing the ICSID proceedings that nation against this transnational oil has advanced since 2007, which sought compensation, royalties and repairs an amount in excess of 30 billion dollars, when rejected migrate their agreement to participate in the Orinoco Oil Belt in Petrozuata developments, The Hammock and CoroCoro, now Petroanzátegui, PetroPiar and Petrosucre.

In this arbitration, the ICSID Tribunal, composed of three judges, issued on Tuesday a decision on some edges recognizes the government's right to invoke Venezuelan national jurisdiction and has set a favorable tax scheme to the nation, as has been to increase the amount of royalties and income tax (income tax) paid by foreign oil companies in the country.

Since 2004 Conoco-Phillips tried to ignore the new scheme implemented by the government attorney, who before the reform of the Hydrocarbons Law of 2003, and especially during the oil opening, was particularly favorable to transnational oil

"Luckily dismantle the oil opening., This country would not be feasible, as it was in the nineties when the economic crisis came upon us in parallel with the oil opening, this is an eminently oil and we are in the responsibility to have sovereign control of our resources and ensure that the immense oil revenues to stay in our country for our social and economic development, "he exclaimed.

The ruling also dismissed the claim based Conoco-Phillips to an interpretation of Article 22 of the Investment Protection Act of Venezuela recognizes international arbitration.

"It is the seventh decision tribunals that give us the right on this issue, because the Investment Protection Act is not a consent arbitration. Important thing is that under this Court's decision is beyond dispute the claims of Conoco, in its parent, that based on this article was calling us 10 billion dollars, "he said.

New edges in the arbitration process

Minister Ramirez explained that the discussion of the ICSID arbitral process now focuses on the method for the calculation of compensation to Conoco-Phillips, who is not part of this decision by the Court.

In this regard, the Court rejected the interpretation that ignores ICSID good faith of the Venezuelan side in negotiations with transnational oil.

"We reject the assertion that the Court does, that we do not negotiate in good faith. With ConocoPhillips Chairman James Mulva, was the only president of transnational than me (Rafael Ramirez) personally and I met Oil Minister three times These meetings are documented, we will send that evidence to the Court, trying in good faith to find a solution. Twice in my office (in Caracas) and once in Vienna (Austria) to agree at a meeting, "he said.

Similarly, recalled that PDVSA negotiating team also met on ten occasions with representatives of U.S. oil to address this issue.

He explained that he had been discussing with U.S. oil compensation based on old documents signed by the directors of PDVSA (before Bolivarian government) and Conoco-Phillips where they agreed to a price ceiling of $ 27 per barrel for the calculation of a possible compensation.

"In 2008 when the price of oil shoots, there are shows bad faith dispute Conoco to say no more (with preset calculation base) and go for the $ 100 (for a higher compensation claim), that is the reality , we reject it, "he said.

Also reported that a new application will request a hearing before the ICSID Tribunal for this weekend.

"Our representative before the Court saved his vow is that this decision was not unanimous. Pending in this case we have a decision on this limit (for compensation).'re Not going to accept in any way, something that has already been signed, and established a compensation mechanism, now I want to jump, "he said.

During the press conference, Minister Ramírez also rejected the way private media in Venezuela have privileged American transnational arguments against the interests of the nation.

"Everyone is free to do what you think but there are very strong facts showing that we are taking a historic battle for the rescue of our sovereignty and natural resources. What we are doing here (with Conoco-Phillips) is setting an important precedent today oil producers are well aware of the risks we are exposed to, "he exclaimed.