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Courts grant Exxon freeze on Venezuela assets
By Matt Andrejczak, MarketWatch
Last update: 6:43 p.m. EST Feb. 7, 2008
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SAN FRANCISCO (MarketWatch) -- Exxon Mobil Corp. said Thursday it has won court orders in three nations freezing at least $36 billion in Venezuelan assets, part of a legal battle that the world's biggest oil company is waging to recover what it argues is the true value of oilfield assets expropriated last year by Hugo Chavez's government.
a U.K. court granted its affiliate, Mobil Cerro Negro, an order that freezes $12 billion in assets belonging to Petroleos de Venezuela SA, or PDSVA. The order bars PDVSA from selling any worldwide assets with a value up to $12 billion.
A hearing date is scheduled for Feb. 22. Other courts have issued similar orders.
Courts in the Netherlands and the Netherlands Antilles also issued orders prohibiting PDSVA from disposing of assets in their jurisdictions worth up to $12 billion, spokeswoman Margaret Ross said in an email.
In addition, a U.S. court in December froze more than $300 million of assets. A court hearing to confirm this order is slated for Feb 13.
The dispute dates back a year. As part of his drive to nationalize key industries, Venezuelan President Hugo Chavez decreed that six foreign oil companies, Exxon among them, make PDSVA majority partner in four Orinoco River basin oil projects. See full story.
Exxon balked at the terms of the deal with Venezuelan authorities, and it has filed arbitration requests with two international bodies to recover damages.
At the time the assets were expropriated in June 2007, Exxon's remaining net book investment in the Orinoco River basin producing assets was about $750 million, the company has noted in previous filings with the Securities and Exchange Commission
By Matt Andrejczak, MarketWatch
Last update: 6:43 p.m. EST Feb. 7, 2008
PrintPrint EmailE-mail Subscribe to RSSRSS DisableDisable Live Quotes
SAN FRANCISCO (MarketWatch) -- Exxon Mobil Corp. said Thursday it has won court orders in three nations freezing at least $36 billion in Venezuelan assets, part of a legal battle that the world's biggest oil company is waging to recover what it argues is the true value of oilfield assets expropriated last year by Hugo Chavez's government.
a U.K. court granted its affiliate, Mobil Cerro Negro, an order that freezes $12 billion in assets belonging to Petroleos de Venezuela SA, or PDSVA. The order bars PDVSA from selling any worldwide assets with a value up to $12 billion.
A hearing date is scheduled for Feb. 22. Other courts have issued similar orders.
Courts in the Netherlands and the Netherlands Antilles also issued orders prohibiting PDSVA from disposing of assets in their jurisdictions worth up to $12 billion, spokeswoman Margaret Ross said in an email.
In addition, a U.S. court in December froze more than $300 million of assets. A court hearing to confirm this order is slated for Feb 13.
The dispute dates back a year. As part of his drive to nationalize key industries, Venezuelan President Hugo Chavez decreed that six foreign oil companies, Exxon among them, make PDSVA majority partner in four Orinoco River basin oil projects. See full story.
Exxon balked at the terms of the deal with Venezuelan authorities, and it has filed arbitration requests with two international bodies to recover damages.
At the time the assets were expropriated in June 2007, Exxon's remaining net book investment in the Orinoco River basin producing assets was about $750 million, the company has noted in previous filings with the Securities and Exchange Commission
You did vote for bush didn't you ?
