Exxon Mobil awarded $908 M in Venezuela dispute

[n2doc]

(01-01) 10:18 PST CARACAS, Venezuela (AP) --

Exxon Mobil Corp. says an international arbitration body has awarded the company nearly $908 million in a dispute with Venezuela over compensation for the nationalization of its assets.

Exxon Mobil says the International Chamber of Commerce has confirmed that the state oil company Petroleos de Venezuela SA "does have a contractual liability."

Company spokesman Patrick McGinn says in an email that the award is for $907,588,000.

Venezuelan government officials did not respond to messages on Sunday seeking comment.



Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2012/01/01/financial/f100856S88.DTL

[The Magistrate]

1. They May Even Get Paid, Too, Sir

Exxon asked for ten billions, and Venezuela said it was will to pay 750 million when the case began....