[Marxism] British Court Reverses Exxon-PDVSA Ruling in Venezuela's Favor

["Dan Russell" <proletariandan@xxxxxxxxx>]

http://uk.reuters.com/article/businessNews/idUKL188568920080318

<A British judge has lifted a $12 billion (6 billion pound) freeze on
Venezuelan assets awarded to U.S. oil major Exxon Mobil in a spat over a
seized oil field.

An English court froze the assets of Venezuela's state oil company in
January so cash would be available if Exxon won arbitration over an oil
project which was lost in President Hugo Chavez's nationalisation drive.

But after hearing Petroleos de Venezuela's arguments, the judge ruled
against Exxon, the world's largest non-government controlled oil company by
market value.

Lawyers for PDVSA said Exxon had not applied for leave to appeal against the
ruling and that the judge awarded legal costs against Exxon and ordered the
Texas-based company to pay compensation for any damages caused by the
imposition of the freezing order.

Exxon was ordered to make an interim payment of 380,000 pounds to cover
legal costs within 21 days, although the final bill is expected to be much
higher.>
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