Venezuela is to start international arbitration talks with US oil giant ExxonMobil following a London court ruling that suspended an injunction freezing USD 12 billion of global assets owned by Venezuelan state oil firm Pdvsa, Tuesday announced Energy and Petroleum Minister Rafael Ramírez.

"We will return to the arbitration in New York to look for a fair compensation for the companies whose interests have been affected," said Ramírez in a press conference, reported AFP.

"The schedule of actions is going to be set by the arbitration," added Ramírez, who is also Pdvsa CEO.

On Tuesday, the England and Wales High Court decided to overturn an order freezing USD 12 billion in Pdvsa's assets outside Venezuela.