Exxon Wins Freeze on $12 Billion in Venezuela Assets

[Purveyor]

Feb. 7 (Bloomberg) -- Exxon Mobil Corp., the world's biggest oil company, said it won a U.K. court order freezing $12 billion in assets belonging to Petroleos de Venezuela SA amid an arbitration battle.

A U.S. court also froze $300 million in assets belonging to Venezuela's Cerro Negro, Margaret Ross, an Exxon Mobil spokeswoman, said in an e-mail today. Cerro Negro was a joint venture of Exxon and state oil company Petroleos de Venezuela until Exxon abandoned it after Venezuela seized operating control and a majority stake.

The British injunction was granted Jan. 24 without prior notice to the Venezuelan oil company, according to a copy of the ruling. The next hearing on the matter is scheduled for Feb. 22.

Until then, Venezuelan company, known as PDVSA, is barred from removing any assets in England or Wales up to a value of $12 billion. The Venezuelan company was also ordered not to sell or diminish the value of any assets within or outside those countries up to the same value.

--eoe--

http://www.bloomberg.com/apps/news?pid=20601087&sid=aB2gP3awPWKo&refer=home

[RUMMYisFROSTED]

1. And so it begins...

[mod mom]

2. Great let's let the Corporations start another front on their War for Oil.

[peacetalksforall]

3. Can someone translate? Is PDVSA the entire oil entity for Venez?

Cerro Negro?

How handicapped are they?

I assume a lot of this is political?

You see - the real war is between the leaders of countries, many of whom are chosen and directed by corporations/barons. We are made to believe that we are involved. We are only the victims. They get to use our tax dollars to fund their enterprises and agendas. It's the modern version of kings-serfs. Democracy is to make us believe in what we're blindly supporting. Democracy is the biggest export of this country at the moment. All lies.

I don't respect them, but they don't care.

I hope the South American joint efforts go through to gain independence from the barons and their Societies, Councils, World Banks.

[seafan]

4. Feb 6: Ros-Lehtinen(R-FL) demands investigation into poss. violations of Venezuelan oil co/Iran ties

Interesting timing: This http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/02-06-2008/0004750658&EDATE=">shrill outcry by Ms. Lehtinen is aimed at oil agreements between Venezuela and Iran, and *whether they violate US law.*


Rep. Ileana
Ros-Lehtinen (R-FL)

WASHINGTON, Feb. 6 /PRNewswire-USNewswire/ -- U.S. Rep. Ileana
Ros-Lehtinen (R-FL) today requested that the Bush administration launch an
investigation into whether a recently reported petrochemical sector
agreement between the governments of Venezuela and Iran violates U.S. law.



Late last year, Venezuela's state-run Petroleos de Venezuela SA
(PdVSA), which operates in the United States under the CITGO brand, and
Iran's Petropars, a unit of the National Iranian Oil Company, announced
that they would form a $1 billion global oil and gas venture.



"I am deeply concerned about these reports involving the Venezuelan
state-run oil company and its links to Iran," said Ros-Lehtinen, Ranking
Republican on the House Foreign Affairs Committee.



In her request to Secretary of State Condoleezza Rice and Treasury
Secretary Henry Paulson, Ros-Lehtinen said an examination should focus on
whether a PdVSA-Petropars partnership violates either the letter or the
spirit of the Iran Sanctions Act.



The law is intended to deter investment in Iran and impede the
country's ability to finance its nuclear development and its support of
terrorism. Ros-Lehtinen's letter specifically seeks information about
whether CITGO benefits financially from Iranian investment in Venezuela's
energy sector or Venezuelan investment in Iran's energy sector and whether
foreign oil companies or their subsidiaries have violated U.S. law.



"We must ensure that U.S. law is fully implemented and enforced as a
means of denying Iran the ability to develop unconventional weapons
capabilities, fund terrorist organizations, or pursue other destructive
policies," Ros-Lehtinen said.

.....

Once more, the height of hubris and arrogance by the war party...


Again, who ARE these people?



Exxon Wins Freeze on $12 Billion in Venezuela Assets, February 7, 2008

[conscious evolution]

13. WTF!

That blows me away.
How can an agreement between two soveriegn countries be 'illegal' in the US?

Wow.I am at a loss for words on this.

[endarkenment]

5. This is an affront to Venezuelan sovereignty.

Exxon was offered fair market value for their stake and refused to even cooperate in the legal process. Then the go run to one of their big buddies and try to bully the republic into submission. Typical.

I cannot wait for the stalwart defense of Big Oil that will be made here by the usual suspects.

[taught_me_patience]

9. Sorry they were not offered close to fair value

it amounted to theft by pdVSA.

[peacetalksforall]

10. offered? what's the history of counter-offers? if there were none - then it is all a plot.

let's hear it for information about what happened after V's offer?

anyone out there to enlighten us?

can't jump the gun in assumptions - but if you know that Ms Ros - is writing to Ms Rice so that they have something formal to pitch to Ms nbc and friends - that it's probably going to be a set-up. Poor Ms Ros - obsessed with Venezuela. Ms Rice too.

I call it taking care of Exxon until someone tells me we should feel sorry for Exxon/MOBIL.

[taught_me_patience]

6. This is good news

XOM and COP were offered way below market value for their assets in Venezuela, which amounted to robbing the oil companies. Business must be done in a fair and legal matter.

[TahitiNut]

7. Thank you, Ileana.

:eyes:

[Squatch]

14. You might want to don a Nomex suit

(I agree with you, BTW)

[TahitiNut]

8. Venezuela GDP: $186.3 billion ... Exxon/Mobil reverues: $404 billion

Ridiculous.

[YankmeCrankme]

11. Not only that but...

These foreign multi-national oil companies have been getting 90% of the oil revenue for decades. I think the Venezuelan people have compensated them enough for their investments. It may have been below market value, but it was enough considering what they reaped from the country.

[Judi Lynn]

12. Kick. n/t