Citgo sees no impact from PDVSA asset freeze

HOUSTON (Reuters) - Citgo Petroleum Corp said late on Friday court orders won by Exxon Mobil Corp freezing parent company PDVSA's assets won't affect Citgo's U.S. refining and marketing operations.

"In the meantime, to avoid any confusion, none of the orders obtained by Exxon Mobil relate to Citgo and none have any impact whatsoever on Citgo's business," the Houston-based company said in a statement.

Exxon, the world's largest oil company, won court orders in Britain, the Netherlands and the Netherlands Antilles, each freezing $12 billion of the Venezuelan state-owned oil company's assets worldwide.

The orders guarantee Exxon's payment should it win arbitration over Venezuela's nationalization of the Cerro Negro heavy oil project.

"Citgo understands that PDVSA is confident that it will prevail in the legal battle with Exxon Mobil and will take all steps necessary to defend itself against the actions taken, and any future action Exxon Mobil may take," Citgo said in the statement.

The asset freeze boosted NYMEX crude futures by 4 percent Friday on worries Venezuela's leftist President Hugo Chavez might retaliate by cutting oil exports.

Venezuela has the seventh largest proven oil reserves in the world, according to the U.S. Energy Information Administration.

Citgo, PDVSA's U.S. refining and marketing arm, operates three oil refineries making motor fuels and is selling two asphalt plants.

(Reporting by Erwin Seba; Editing by Christian Wiessner)