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News // Incidental

Venezuela and Exxon compensation ruling quashed

10 March 2017 , 18:00Neftegaz.RU474

An order for Venezuela to pay $1.4 billion in damages to ExxonMobil has been reduced, a news report said.

 

Late-Venezuelan President Hugo Chavez nationalised many enterprises during his reign, including the Cerro Negro heavy crude project, which was operated by Exxon.

 

Many companies have said the nationalisations were illegal and have sued for damages to be awarded.

 

A World Bank tribunal previously ordered Venezuela to compensate Exxon with about $1.5 billion.

 

International Centre for Settlement of Investment Disputes said yesterday that portions of the award had been annulled, but did not provide more detail, Reuters reported.

 

A lawyer for the Venezuelan Government said the penalty had been annulled in full, the report said.

 

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