U.K. Court Strikes $12B PdVSA Asset Freeze

Law360, New York (March 18, 2008, 12:00 AM EDT) -- In a blow to Exxon Mobil Corp.'s negotiation strategy with Venezuelan President Hugo Chavez, a U.K. High Court judge has canceled an order to freeze $12 billion of national energy conglomerate Petroleos de Venezuela SA's assets.

The English court dropped the injunction freezing assets involving PdVSA holdings in refineries in Dundee, Scotland and Ellesmere Port, England, as well as the bank accounts related to those holdings.

Judge Paul Walker said Tuesday that ExxonMobil's dispute with PdVSA had no connection to England, and that English courts did...
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