Recommend this article by e-mail Exxon Venezuela must compensate for nationalization
The long shadow of Hugo Chavez brings Venezuela: The country must pay Exxon Mobil for $ 1.6 billion – because it had nationalized projects of the U.S. oil company.
The long shadow of Hugo Chavez brings Venezuela: The country must pay Exxon Mobil for $ 1.6 billion – because it had nationalized projects of the U.S. oil company
Photo: AFP Exxon: The US group had ten billion dollars required
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Venezuela must compensate U.S. oil company Exxon Mobil because of the nationalization of projects with approximately $ 1.6 billion . The decision to publish the ICSID Arbitration Board of the World Bank.
The sum is well below the approximately ten billion dollars that Exxon had originally requested. Venezuela nationalized an oil project in the Group’s other 2007. The state oil company PDVSA in Venezuela declined to comment on the decision from.
On Wall Street, the Exxon shares three percent fell.
Venezuela is one of the largest oil exporters in South America. In connection with the nationalization or other decisions of international arbitral tribunal are pending. This could require the country to multi-billion dollar payments.
The late President Hugo Chávez had also nationalized the largest steel and cement plants in the country. The largest telecommunications company in Venezuela is in state hands.
Seven years ago, the state took control of four major oil projects in the Orinoco Delta and lay so with foreign oil companies to.
Reuters / lw
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