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Tuesday, February 12, 2008

Exxon wins freeze on Venezuela assets

The oil giant Exxon Mobil Corporation
Exxon Mobil Corp. has got court orders to freeze over $12 billion of Venezuelan state oil company's assets worldwide as a compensation.

ExxonMobil spokeswoman Margaret Ross said the freezing order hampers Venezuela's state oil company PDVSA from disposing of its assets worldwide up to a value of $12 billion while underlining that all court orders are subject to appeal.

Exxon's efforts reduce Venezuela's ability to transfer money through London and New York City, the world's largest financial centers.

The dispute has roots in the past summer when Venezuelan president managed to take control of four major oil projects in the Orinoco Basin. Exxon, which had a significant stake in one of the projects, refused a minority stake and Venezuela seized the heavy-oil production facility.


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