PDVSA is to ask the British courts to lift an order passed by an arbitration tribunal freezing 12 bln usd

Venezuela's state oil company PDVSA is to ask the British courts to lift an order passed by an arbitration tribunal freezing 12 bln usd of its assets at the request of US oil giant ExxonMobil, the company's lawyers said. The hearing, which may be heard in secret, will take place from 10.30 am next Wednesday at the Royal Courts of Justice, and will last for three and a half days, according to John Fordham of the law firm Stephenson Harwood. PDVSA is attempting to lift an asset freeze passed earlier this month by courts in Britain, the Netherlands and the Dutch Antilles.