Exxon loses decision in court battle with Venezuela

LONDON: A freeze on $12 billion in Venezuelan assets awarded to Exxon Mobil should be lifted, a British court ruled Tuesday.

Exxon convinced a court in January to freeze the assets of the Venezuelan state oil company so cash would be available if it won arbitration over an oil field which was lost in President Hugo Chavez’s nationalization drive.


But after hearing Petroleos de Venezuela’s arguments, the judge ruled against Exxon.

“The injunction granted against the defendant, Petroleos de Venezuela, should be discharged,” Justice Paul Walker told the court.

Exxon Mobil, the world’s largest independent oil company by market value, has the right to appeal but its lawyers declined to comment immediately on whether they would do so.

IHT