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UK judge sides with PdV in ExxonMobil battle

ExxonMobil has suffered a serious setback in its legal battles with PdV, when a UK judge overturned a court order to freeze as much as $12bn of the Venezuelan national oil company's international assets. In his ruling on 18 March, Judge Paul Walker agreed with PdV's argument that the London court does not have legal jurisdiction over the matter. He also ordered ExxonMobil to make an interim payment to PdV of almost $0.8m in legal costs and compensation for some of the damages caused by the freeze. The ruling marks another milestone in an 11-year relationship that dates back to 1997, when Mobil began operating in Venezuela, which is now the largest crude producer in Latin America – the US co

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