Archive for February 14, 2008

U.S. Judge freezes $300M in Venezuela Oil Cash

NEW YORK — (AP) — A federal judge on Wednesday confirmed the freezing of $300 million in cash held by Venezuela’s state-run oil company, finding it probable that Exxon Mobil Corp. will succeed in its legal battle against the company.U.S. District Judge Deborah A. Batts confirmed the ”order of attachment” after listening to arguments from lawyers for both sides.

Earlier Wednesday, Venezuela vowed to defeat Exxon Mobil in its effort to freeze Venezuelan assets in the United States and Europe in its dispute with the state oil company Petróleos de Venezuela SA, or PDVSA.

The order came in a case in which Irving, Texas-based Exxon Mobil has battled the oil company over the nationalization of its Venezuelan oil ventures.

The company is challenging the nationalization of one of four heavy oil projects in the Orinoco River basin, one of the world’s richest oil deposits.

A British court has issued an injunction temporarily freezing up to $12 billion of PDVSA’s assets.

Source:  Miami Herald

Comments (5) »