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ISSUES....
Inside, confidential, off the record

ExxonMobil step by step

The other "big new" in our opinion is the decision sent down from the court in NY yesterday that allows Exxon Mobil Corp to freeze $12 billion of Venezuela's
PDVSA's assets in world-wide assets as it dispute the nationalisation of a multi-billion dollar oil project done by Venezuela last year. The move limits PdVSA's ability to maneuver as it fights with several international oil companies over President Chavez' decision to nationalise four oil projects in the Orinoco Basin. Exxon and ConocoPhillips had earlier walked away from the dispute, although both have filed arbitrations with the World Bank seeking compensation. ExxonMobil, to its credit, chose to carry on, and has now succeeded at the first step along the way. Two cheers then for ExxonMobil... with the third kept in abeyance.

-Dennis Garthman/The Gartman Letter/ 02 08 08

- For more on interesting comments, you can subscribe to The Gartman Letter by contacting Dennis Garthman: Phone 757 238 9346, Fax 757 238 9346 or dennis@thegartmanletter.com

Petroleumworld News 02/08/08

ISSUES.... Is an independent journalist effort from Petroleumworld, on Inside, Confidential
and Off The Record Information, its views are not necessarily those of Petroleumworld

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