Venezuela’s PDVSA prepares legal defense

State-run oil company Petroleos de Venezuela SA is preparing to challenge a court injunction obtained by Exxon Mobil Corp. that froze $12 billion in PDVSA assets next week in London, a top Venezuelan oil official said.

Deputy Oil Minister Bernard Mommer said Wednesday that a hearing in which PDVSA plans to contest Exxon’s claims will be held between Feb. 27 and Feb. 29.


“For the first time we will have a chance to respond. We’re preparing for the case,” Mommer said.

PDVSA and Exxon are locked in a fierce legal battle over compensation for the nationalization last year of one of four heavy oil projects in Venezuela’s Orinoco basin.

AP