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Page added on February 28, 2008

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PDVSA fights ExxonMobil in High Court

Venezuelan state-run giant PDVSA has asked the High Court in London to to lift an injunction granted to US supermajor ExxonMobil freezing assets worth about $12 billion, pending arbitration over the nationalisation of the Cerro Negro heavy oil project.

The move came as more than 50 prominent Britons – including MP Diane Abbot, veteran political activist Tony Benn, peace activist Bruce Kent, and MEP Brian Wilson, as well as a number of leading writers, artists, academics and senior national trade union leaders – released a statement voicing their concern at ExxonMobil’s action.

Lawyers for PDVSA argued that the British court which granted the the injunction, which affects PDVSA assets in England and Wales, had no legal right to do so because the dispute involved parties and arbtitration proceedings that are not connected with the UK.

The judge is scheduled to hear arguments for two and a half days and to issue a judgment next week or later.

Upstream Online

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