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Chavez: Venezuela Won't Recognize Arbitration Body

"President Chavez is not going to solve Venezuela's very serious international legal problems with either speeches or even a formal denunciation of the ICSID Convention," Nolan said, noting that those pursuing claims against Venezuela are also able to sue under about 20 investment treaties that Venezuela has signed with other countries.

Chavez said Ecuadorean President Rafael Correa "is proposing something that is absolutely necessary, creating an organization in (the regional bloc) Unasur where some differences between governments or businesses in Latin America can be settled."

In the case of Exxon Mobil, Chavez said the company had initially demanded about $12 billion in compensatibillionbillionhttp://twitter.com/ianjamesap

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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