2008-02-08 Caribbean-Latin America
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Courts freeze US$12 billion Venezuela assets around the world for Exxon
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Is this why Presidente Chavez was demanding cash payment upon order the other day?"In Oogo we trust. All others pay cash." | Exxon Mobil Corp has moved to freeze up to $12 billion in Venezuelan assets around the world as the U.S. company fights for payment in return for the state's takeover of a huge oil project last year. The company said it has received court orders in Britain, the Netherlands and the Netherlands Antilles each freezing up to $12 billion in assets of Venezuela state oil firm PDVSA.
Exxon also won a court order from the U.S. District Court for the Southern District of New York in December freezing more than $300 million belonging to PDVSA, as Exxon argued it would have little chance to recoup its investment from PDVSA should it win its arbitration. Exxon filed for arbitration in September. It has not specified how much it wants for the 41.7 percent stake in the Cerro Negro project, but it has said its remaining net book investment in the project was about $750 million at the time the assets were expropriated.
PDVSA, one of the largest suppliers of crude oil to the United States, was not immediately available for comment. Exxon said in court filings that recent estimates have placed PDVSA's global asset value -- including its operations in Venezuela -- at over $62 billion.
Venezuelan President Hugo Chavez took over Exxon Mobil and ConocoPhillips stakes in multibillion-dollar heavy oil projects in Venezuela's oil region last June.
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Posted by trailing wife 2008-02-08 00:00||
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Posted by SteveS 2008-02-08 13:45||
2008-02-08 13:45||
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Posted by USN,Ret. 2008-02-08 15:01||
2008-02-08 15:01||
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Posted by Mike 2008-02-08 15:56||
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Posted by RWV 2008-02-08 17:40||
2008-02-08 17:40||
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Posted by JohnQC 2008-02-08 18:32||
2008-02-08 18:32||
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Posted by JosephMendiola 2008-02-08 21:02||
2008-02-08 21:02||
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