Venezuela oil minister denies $12 billion in assets frozen

CARACAS, Venezuela (AP) – Venezuela’s oil minister denied today that the state oil company has had $12 billion in assets frozen by court orders obtained by Exxon Mobil.

Rafael Ramirez tells reporters that the courts have frozen just $300 million in cash. He calls that a “transitory measure” while state oil company Petroleos de Venezuela presents its case in New York and London.


The Irving, Texas-based oil giant is seeking to challenge the nationalization of an oil project in the South American country.

Ramirez is also PDVSA’s president. He accuses Exxon Mobil of employing “judicial terrorism” and says its efforts in court have no direct effect on Venezuela’s oil operations.

AP