Exxon exec says "resource nationalism" costly

Tue Feb 12, 2008 5:05pm GMT
 
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HOUSTON, Feb 12 (Reuters) - An executive with Exxon Mobil Corp (XOM.N) on Tuesday said "resource nationalism" causes concern for investors and stifles innovation in meeting the global energy supply challenge.

"Resource nationalism in the form of energy independence or energy superpower status does stymie innovation and does give pause to investors," Mark Albers, senior vice president at Exxon, told the CERAWeek Energy Conference.

Exxon won temporary court rulings to freeze up to $12 billion of Venezuela's global assets in a bitter fight over the level of payment for a nationalized asset in that country. (Reporting by Anna Driver and Bernie Woodall in Houston)

 

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