Sign Up for FREE Daily Energy News
CDN NEWS  |   US NEWS  | TIMELY. FOCUSED. REVELANT. FREE
BREAKING NEWS:

Sur-Flo Meters
Shocker PASS - Headwind Solutions
Hazloc Heaters
Shocker PASS - Headwind Solutions
Hazloc Heaters
Sur-Flo Meters

Exxon Seeks $280 Million From Cuban Companies Over Seized Assets


May 7, 2019, by Alex Nussbaum
(Bloomberg)

Exxon Mobil Corp. is suing two Cuban companies for $280 million, saying they benefited for decades from Exxon property seized after Fidel Castro’s 1959 revolution.

The suit was filed in U.S. District Court in Washington on May 2, the first day American corporations were allowed to file after the Trump administration lifted a long-standing ban against such actions. The complaint names government conglomerate Corporacion Cimex SA and state-run oil company Union Cuba-Petroleo, known as Cupet, as defendants.

The companies have engaged in “unlawful trafficking in plaintiff’s confiscated property,” including hundreds of service stations, storage tanks, a marine terminal and the Ñico Lopez refinery in Havana, according to the suit. Castro’s government claimed the assets in 1960.

The Trump administration last month said it would no longer block a provision of a 1996 U.S. law allowing private lawsuits over property seized on the island. Presidents of both parties had previously waived the measure, fearing a flood of litigation against companies from Europe, Canada and other allies doing business in Cuba.

“The Cuban oil workers say a resounding NO to the demand of Exxon Mobil,” Cupet says in a statement on its website. “The oil refineries belong to the Cuban people and nothing and no one can take them.”

Messages seeking comment from Cimex weren’t immediately returned. Irving, Texas-based Exxon confirmed the suit and the damages sought but had no further comment.



Share This:



More News Articles


New SHOWCASE Directory Companies

 

T.A. Cook
Gardner Denver
Presto GeoSystems
STEP Energy Services