updated 3/5/2014 9:01:56 PM ET 2014-03-06T02:01:56

PANAMA CITY (Reuters) - The government of Panama said on Wednesday that it rejected Venezuelan President Nicolas Maduro's "unacceptable offenses" against it after the South American oil giant broke off diplomatic and commercial ties with the Central American nation.

Earlier, Maduro had used the anniversary of former President Hugo Chavez's death to sever ties with Panama, whose conservative government he accused of joining the United States in "open conspiracy" against him.

(Reporting by Lomi Kriel)

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