Exxon wins $908m from Venezuela in oil dispute
Tuesday, 3 January 2012
CARACAS, Jan 2 (BBC): Oil giant Exxon Mobil has won $908m (£586m) from an arbitration panel after the nationalisation of its Venezuelan oil project in 2007.
However, this is less than 10% of what the oil giant had reportedly sought.
The International Chamber of Commerce (ICC) in Paris set the award, ruling that Venezuela's state oil company, PDVSA, did have liability to Exxon after its assets were nationalised.
The award is less than the $1bn Venezuela offered in September.
Exxon had reportedly sought $10bn in compensation for the nationalisation of its heavy crude upgrading project in Venezuela's oil rich Orinoco belt.