Venezuela Vs Exxon Mobil: PDVSA wins unfreezing oil assets at London court

uploaded by rahul March 18, 2008 at 08:05 am
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Venezuela Vs Exxon Mobil: PDVSA wins unfreezing oil assets at London court by rahul

Caracas, Venezuela, 18 March, 2008. Venezuelan Minister for Oil and President of PDVSA, Rafael Ramirez, has announced his country won an ordeal at a London court. Thus, it has managed to reverse a previous court ruling that backed the Exxon attempt to freeze US$12 bn of PDVSA assests. British Judge Paul Walker will submit the full rulling on Thursday but the Venezuelan Oil Minister has reassured the country of a win.

Last year, Venezuelan governement nationalized one of Exon Mobil projects at the Orinoco basin. Unlike other foreign oil companies, Exxon Mobil did not accept the compensation scheme offered by Venezuela and resorted to international arbitration. While the compensation case was beeing processed at the arbitration organization, Exxon Mobil started alternatives means of pressure. On January 24, 2008, Exxon Mobil managed to get a preliminary rulling from a London court freezing the assests of PDVSA for US$12bn.

More news to come

Sources: VTV, Globovision, Telesur, El Universal, ALjazeera,