The recent dragged on battle between US Exxon Mobil and Venezuela saw a turn of events yesterday when British Judge Paul Walker overturned the court ruling to freeze $12 billion in Venezuelan oil assets, as well as making PDVSA a majority portion owner. Judge Walker stated that,

“I conclude that Mobil (has)…no good arguable case that PDV’s conduct in relation to its assets is unjustified. In the absence of any exceptional feature such as fraud, and in the absence of substantial assets of PDVSA located here, the fact that the seat of arbitration is not here makes it inappropriate to grant an order. In the present case there is no suggestion whatever of fraud on the part of PDVSA.”

In addition, he ordered Exxon to cover Venezuela’s legal costs in the dispute, and to make an initial payment of 380,000 pounds (765,000 dollars) to PDVSA within 21 days.

This is a major victory for Venezuela and for Latin America. I say a major victory because for once the ‘most favored nation’ did not influence the decision, international law was upheld, and Venezuela was given a fair and just trial. Also, the ruling allowed Venezuela to have the majority control over their oil industry–which is monumental. This has to give hope to other Latin American countries that their voice will be heard and justice delivered to them, if they do not back down.

In reaction to this Venezuelan Energy Minister Rafael Ramírez said,

“Exxon tried to export British law as global law, abuse British legal power and use an English judge to freeze Venezuela’s assets not in England, but throughout the world.” He continued on to remark that the ruling was
“100 percent favorable for Venezuela, for PDVSA, for all small nations that seek to exploit their natural resources, and for OPEC (Organization of Petroleum Exporting Countries).”

Also, former PDVSA president Luis Giusti, told IPS that,

“We must celebrate these measures as victories for Venezuela, because they restore our national wealth to us and reflect that international justice is not necessarily in the hands of imperialism or of a company like Exxon.”