 |
March 27, 2008 |
|
|
|
 |
PETROLEOS DE VENEZUELA: Exxon Mobil Brings Case to Netherlands El Universal reports that Exxon Mobil won a freezing injunction hitting Petroleos de Venezuela SA's assets in both the Netherlands and the Netherlands Antilles. According to El Universal, Hildegard Rondon de Sanso, legal counsel of PDVSA in the case against US oil major Exxon Mobil, said that following a victory in the England High Court, the conglomerate now has to advocate its viewpoint in the Netherlands court where the US company filed an action. Last week, Judge Paul Walker of the London High Court overturned the freezing injunction against PDVSA. While satisfied with the ruling issued by Judge Walker, Ms. Rondon stressed that PDVSA "has less arguments for defense in the Netherlands, as the holding does own assets in the Netherlands, namely Bopec -- a small oil storage terminal based in Bonaire -- and 220,000 bpd Isla refinery in Curacao, which PDVSA operates under a leasing agreement," El Universal relates. 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. * * * As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela SA's long-term issuer default rating and local currency long term issuer default rating at BB-. Fitch said the ratings outlook is negative. |
|
|
||
|
Today's Top Stories have been selected from the Troubled Company Reporter - Latin America. To receive the Full TCR-LA please CLICK HERE.
