Exxon-Mobil sues two Cuban companies for theft by confiscation 60 years ago


Exxon Mobil is the first U.S. company to file suit after President Donald Trump allowed Title III of the Helms-Burton Act to take effect, opening the way for demands against Cuban and foreign companies that benefit from properties seized by the communist government.

Exxon Mobil is suing Cuba's largest commercial corporation and oil company for their use of an oil refinery and other properties seized by the Fidel Castro government six decades ago.

Indirectly, some people might see a dime from the lawsuit, if Exxon Mobil wins.

Texas Alliance for Energy Producers petroleum economist Karr Ingham said ultimately this is a benefit to US and global economies.

"Even if it's elsewhere, it's to develop energy resources that ultimately benefit us, that effect markets, that bring more product to market that then lower the cost we pay for energy just by increasing supply," said Ingham.

The Helms-Burton law of 1996 states that U.S. companies who had their property stolen by communists in Cuba are entitled to sue for three times the value of the stolen properties, plus six percent annual interest.

Ingham said that money would go back into company coiffures.

"Paying shareholders, developing new resources around the globe and just doing what Exxon-Mobil does which is go find crude oil and natural gas, then they'll market gasoline," said Ingham.

He added the opportunity to right a wrong is great step in the right direction.

ExxonMobile Posts Record Breaking Quarterly Profit

Sponsored Content

Sponsored Content