Venezuela Official: Will Defeat Exxon In UK Court

Venezuela’s oil vice minister said the country will find a way to defeat ExxonMobil Corp. in a U.K. court in coming days despite the company


Venezuela’s Petroleos de Venezuela, or PdVSA, is set to face off with Exxon in a U.K. court this week to resolve a court order that froze $12 billion in PdVSA’s assets stemming from a compensation dispute.

President Hugo Chavez nationalized a series of heavy oil ventures in the Orinoco region last year, and offered foreign companies new contractual terms as minority partners. Exxon and ConocoPhillips (COP) bowed out and called for arbitration proceedings. Exxon secured court orders freezing more than $12 billion in PdVSA assets in the U.S., the U.K. and the Caribbean earlier this year, and PdVSA is now appealing that decision.

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