Exxon Mobil Corp on Friday sued Cuba's state-owned Cuba-Petroleo and CIMEX ...
HAVANA - Exxon Mobil Corp on Friday sued Cuba’s state-owned Cuba-Petroleo and CIMEX Corp in U.S. federal court seeking $280 million over a refinery, gasoline stations and other assets seized after Fidel Castro’s revolution.
The Trump administration has been ratcheting up pressure on Venezuela and Cuba. Previous presidents had waived the provision of the act that allows anyone whose property was nationalized after the 1959 Cuban Revolution to sue any individual or company profiting from their former holdings. The Standard Oil refinery at Havana Bay, now operated by CUPET, was the first U.S. property taken over by Castro and his bearded revolutionaries after the company refused to process oil from the Soviet Union as tensions mounted with the United States.Standard Oil was broken up into several companies, one of which was Exxon, which merged with Mobil in a 1998 deal.
“This provides comfort for other large claimants to sue, will increase fear by companies in other countries from engagement with Cuba due to the reach of Exxon Mobil and is consistent with Exxon Mobil efforts to recover assets in Venezuela and defend themselves in other countries,” he said.
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