Venezuelan Oil Firm's Assets Frozen In Exxon Dispute

Law360, New York (February 7, 2008, 12:00 AM EST) -- A federal court has ordered $300 million in assets belonging to Venezuela's state oil company to be frozen as part of a multibillion-dollar arbitration case brought by Exxon Mobil Corp.

The U.S. District Court in New York froze the assets on Dec. 27, according to a court filing. Exxon Mobil had asked the court to freeze the assets, arguing that it would have little chance to recoup its investments from the state oil firm Petroleos de Venezuela SA should it win its arbitration.

Exxon Mobil argued...
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