
CARACAS, Venezuela — The oil giant Exxon Mobil has won court orders freezing as much as $12 billion in petroleum assets controlled by Venezuela's government in an escalation of a dispute over efforts by President Hugo Chávez to assert greater control over the country's oil industry.
Venezuela's dollar-denominated bonds suffered their steepest drop in six months on Thursday on concerns that Mr. Chávez's government could face a protracted legal battle with Exxon, preventing the government from raising cash through the sale of refineries abroad if the economy here slows after years of torrid growth.
An interesting development.
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