Exxon Mobil Corp. won a round in its bitter fight against Venezuela's state oil company Thursday as courts in several countries said they would freeze $12 billion in international assets held by Petroleos de Venezuela. This is happening after Hugo Chavez nationalized a heavy oil field in eastern Venezuela. Exxon and other multinational oil co.'s have suspended their projects in the South American nation and have been trying to recoup their money invested in said projects rather than cede majority ownership to Petroleos de Venezuela. Rumors abound that lenders invested in Petroleos de Venezuela are short on money and trying to renegotiate loan agreements, leaving Petroleos de Venezuela in more debt than it already has.Source : LA Times
Did anyone see the commercial with Ed Kennedy hawking for Venezuela's petroleum corporation? Shameless, since the Kennedy's blocked wind farms off Cape Cod. Better to buy oil from a dictatorship than go green, I guess.
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