Court reverses Exxon freeze on Venezuela assets
Posted by walker on March 18th, 2008
A British judge has lifted a $12 billion freeze on Venezuelan assets awarded to U.S. oil major Exxon Mobil in a spat over a seized oil field.
An English court froze the assets of Venezuela’s state oil company in January so cash would be available if Exxon won arbitration over an oil project which was lost in President Hugo Chavez’s nationalization drive.
But after hearing Petroleos de Venezuela’s arguments, the judge ruled against Exxon, the world’s largest non-government controlled oil company by market value.
