Venezuela to fight $12bn asset freeze - Bloomberg

08 February 2008 23:36  [Source: ICIS news]

HOUSTON (ICIS news)--Venezuela will fight ExxonMobil's efforts to freeze more than $12bn (€8bn) worth of foreign assets that are owned by the nation's oil company, according to reports published on Friday by Bloomberg.

ExxonMobil won the court orders in the US, the UK, the Netherlands and the Caribbean that froze the assets of Petroleos de Venezuela SA (PDVSA), Bloomberg reported.

The court orders follow the Venezuelan government's seizure of ExxonMobil's assets in the Latin American country, Bloomberg reported. ExxonMobil is challenging the seizure.

Venezuela's energy and oil minister, Rafael Ramirez, said the court order will not cause cashflow problems for PDSVA, Bloomberg reported.

($1 = €0.69)

By: Al Greenwood
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