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A federal judge in Manhattan on Wednesday confirmed the freezing of $300 million in cash held by Venezuela’s state-run oil company, finding it probable that Exxon Mobil Corp. will win its legal battle against the company.

Exxon Mobil is challenging Petroleos de Venezuela SA, or PDVSA, over compensation for the nationalization of one of four heavy oil projects in the Orinoco River basin, one of the world’s richest oil deposits.

Irving, Texas-based Exxon Mobil is seeking to freeze billions in Venezuelan assets in the United States and Europe.

Meanwhile, Venezuela has halted oil supplies to Exxon Mobil in a move seen as largely symbolic quick payday loan. President Hugo Chavez, who had threatened to cut off all oil shipments to the United States, instead opted to cut off oil supplies to Exxon Mobil.
Analysts say Exxon Mobil won’t have any trouble finding more crude to buy on the world market.

—THE ASSOCIATED PRESS AND MARKETWATCH

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