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February 27, 2008 |
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PETROLEOS DE VENEZUELA: Asset Freeze to be Extended A U.K. court granted Exxon Mobil a temporary extension of an order freezing Petroleos de Venezuela SA's US$12-billion assets until a court hearing this week, Bloomberg News reports. John Fordham, Petroleos de Venezuela's legal representative in London, told Bloomberg News that his client didn't object to the extension, which lasts through a court hearing on the company's bid to overturn the order scheduled to start Feb. 27. According to Bloomberg News, the extension of the asset freeze was needed as the initial U.K. court order scheduled a hearing on Feb. 22 for Petroleos de Venezuela to respond. Venezuelan deputy oil minister Bernard Mommer commented to the Associated Press, "For the first time we will have a chance to respond. We''re preparing for the case." About Exxon Mobil Exxon Mobil Corporation operates as a petroleum and petrochemicals company. It primarily engages in the exploration, production, and sale of crude oil and natural gas; and manufacture, transportation, and sale of petroleum products. About Petroleos de Venezuela Petroleos de Venezuela SA -- http://www.pdv.com/ -- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. PDVSA is one of the top exporters of oil to the US with proven reserves of 77.2 billion barrels of oil -- the most outside the Middle East -- and about 150 trillion cu. ft. of natural gas. PDVSA's exploration and production take place in Venezuela, but the company also has refining and marketing operations in the Caribbean, Europe, and the US. * * * To date, Petroleos de Venezuela SA carries Fitch's BB- long term issuer default rating and local currency long term issuer default rating. Fitch said the ratings outlook was negative. |
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