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Exxon seeks arbitration on nationalization of Venezuela oil project

over Venezuela's nationalization of the Cerro Negro heavy oil

Exxon seeks arbitration on nationalization of Venezuela oil project

Exxon Mobil said Wednesday it has filed a request for arbitration over Venezuela's nationalization of the Cerro Negro heavy oil project.

The Irving, Texas oil company said it had held a 41.67 percent interest in the project with $750 million in book value before a unit of Venezuelan National Oil Co. expropriated Exxon's stake in June.

The change in control over the stake was a result of a nationalization decree issued by Venezuela's President Hugo Chavez early this year.

Exxon said it filed its arbitration request last week with the International Centre for Settlement of Investment Disputes, a Washington-based arbitration forum closely linked with the World Bank.

The government of Venezuela took majority control of the country's last privately run oil projects on May 1 and gave the companies until June 26 to decide whether they'd accept new terms as junior partners.

Four major oil companies -- U.S.-based Chevron, Britain's BP, France's Total SA and Norway's Statoil ASA -- accepted; ConocoPhillips and Exxon opted to walk away.


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