The Traderszone Network

Published in TZ Latest News 10 October, 2014 by The TZ Newswire Staff

Venezuela says to pay less than $1 billion to Exxon over nationalization

Venezuela will end up paying less than $1 billion to Exxon Mobil Corp (XOM.N) for oil assets nationalized in 2007, after this week’s World Bank tribunal award, the Venezuelan government said on Friday. Venezuela says it will deduct a previous award made against it by another international tribunal, the Paris-based International Chamber of Commerce (ICC), from Thursday’s $1.6 billion ruling by the World Bank’s ICSID body.

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