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FACTBOX: The overseas assets of Venezuela's oil giant PDVSA

Fri Feb 8, 2008 5:04pm EST

(Reuters) - Oil major ExxonMobil Corp obtained court orders in the United Kingdom, the Netherlands and Netherlands Antilles in late January, freezing $12 billion of the foreign assets of Venezuela's state oil company PDVSA.

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The freeze was sought by Exxon as a means of guaranteeing payment from PDVSA in the event it wins an arbitration case brought over the nationalization of Exxon's stake in Cerro Negro, a Venezuelan heavy oil project.

PDVSA claims to have $107 billion in assets worldwide. The following is a list of major foreign assets owned by PDVSA:

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BAHAMAS Bahamas Oil Refining Co Ltd (BORCO)

-20 million barrel oil storage facility

-PDVSA attempted to sell the facility in 2007 for a

reported $600 million to $700 million but the sale was

never concluded

*************************************************************

GERMANY

Ruhr Oel GmbH

-50:50 refining joint venture with BP Plc. Ruhr Oel owns a

240,000 bpd refinery in Gelsenkirschen and stakes in three

refineries in Bavaria, Karlsruhe and Schwedt. PDVSA has

repeatedly said these assets to do not fit into its

strategic plans as it is uneconomical to process Venezuelan

crude in Europe.

*************************************************************

NETHERLANDS

PDV Europa BV

-European holding company

*************************************************************

NETHERLANDS ANTILLES Bonaire Petroleum Corp (BOPEC)

-Deepwater oil storage terminal on the island of Curacao Isla Refinery

-335,000 bpd refinery on the island of Curacao operated

under a long term lease from the island's government that

expires in 2019.

*************************************************************

SWEDEN AB Nynas Petroleum

-50:50 joint venture with Finland's Neste Oil Oyj. Nynas is

a specialty refiner that owns three small specialty

refineries in Sweden and the United Kingdom and a share of a

fourth UK specialty refinery.

*************************************************************

UNITED KINGDOM

PDV UK

-Market intelligence office

*************************************************************

UNITED STATES Chalmette Refining LLC

-50:50 joint venture with ExxonMobil that owns a 190,000

bpd refinery in Chalmette, Louisiana. The joint venture

was formed to process the synthetic crude produced by the

companies' now dissolved Cerro Negro heavy oil joint

venture Citgo Petroleum Corp

-Eighth largest U.S. oil refiner with 752,000 bpd of

refining capacity at three plants in Louisiana, Texas and

Illinois. Two asphalt refineries with an additional 60,000

bpd of capacity are set to be sold to NuStar LP for $450

million.

HOVENSA LLC

-50:50 joint venture with Hess Corp that owns a 500,000 bpd

refinery on St. Croix in the U.S. Virgin Islands

MEREY-SWEENY LP

-50:50 joint venture with ConocoPhillips that owns and

operates a delayed coker at Conoco's Sweeny, Texas

refinery.

************************************************************* Sources: PDVSA SEC filings, company publications

(Reporting by Robert Campbell)



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