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Panel rules Venezuela won't have to pay $1.4B to Exxon Mobil
Source: Associated Press
Panel rules Venezuela won't have to pay $1.4B to Exxon Mobil
Mar. 10, 2017 4:51 PM EST
WASHINGTON (AP) — A World Bank arbitration panel has determined that Venezuela will not have to pay $1.4 billion to Exxon Mobil Corp. for confiscating company assets during a wave of nationalizations.
Exxon Mobil asked the bank's investment dispute panel for $12 billion for the seizure of its Cerro Negro facilities in the Orinoco Basin under then-President Hugo Chavez. The panel awarded $1.4 billion, a decision that was appealed by Venezuela.
The Washington-based panel issued a ruling Friday that annulled most of a $1.6 million judgment against Venezuela. The decision was celebrated in Caracas, where the socialist government is facing a cash shortfall triggered by collapsing oil production in recent years.
A lawyer for Venezuela said the decision as "correct and courageous." Exxon Mobil did not immediately respond to a request for comment.
Mar. 10, 2017 4:51 PM EST
WASHINGTON (AP) — A World Bank arbitration panel has determined that Venezuela will not have to pay $1.4 billion to Exxon Mobil Corp. for confiscating company assets during a wave of nationalizations.
Exxon Mobil asked the bank's investment dispute panel for $12 billion for the seizure of its Cerro Negro facilities in the Orinoco Basin under then-President Hugo Chavez. The panel awarded $1.4 billion, a decision that was appealed by Venezuela.
The Washington-based panel issued a ruling Friday that annulled most of a $1.6 million judgment against Venezuela. The decision was celebrated in Caracas, where the socialist government is facing a cash shortfall triggered by collapsing oil production in recent years.
A lawyer for Venezuela said the decision as "correct and courageous." Exxon Mobil did not immediately respond to a request for comment.
http://bigstory.ap.org/article/a8968f08dd6647c8acf9dca4ed62f0d4/panel-rules-venezuela-wont-have-pay-14b-exxon-mobil
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