Wednesday, March 19, 2008

Someone's Finally Yanked the Tiger's Tail.

Many of you are proabably too young to remember when Exxon's logo was a really cute tiger that remember you of that cereal tiger Tony. In fact, Kellogg's is glad that you don't. However, for some reason that tiger's image came to mind when I read the following article: .

excerpt from:
US oil giant loses Venezuela case

A London judge has suspended a court order that froze $12bn of Venezuelan assets awarded to US oil giant ExxonMobil in a dispute over oil interests.

Judge Paul Walker said ExxonMobil had "no good arguable case" that Petroleos de Venezuela (PDVSA), Venezuela's state oil company, had acted unjustifiably in taking control of two of its operations.

The ruling came after ExxonMobil won a court order against PDVSA as part of an international arbitration to win compensation for assets seized during the nationalisation of Venezuelan oil fields.

The funds were originally frozen so that ExxonMobil could be compensated should it win arbitration.

Good for that judge.

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