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Exxon awarded $908m over Venezuela dispute [View All]

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arikara Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-02-12 01:40 PM
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Exxon awarded $908m over Venezuela dispute
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Source: aljazeera

An international arbitration body has awarded US oil firm Exxon Mobil nearly $908m in a dispute with Venezuela over compensation for the nationalisation of its assets, the company says.

Exxon requested arbitration after President Hugo Chavez's government nationalised an oil project in the country in 2007.

The company had sought as much as $10bn in compensation for its heavy crude upgrading project in the Orinoco Belt, which was nationalised along with three others.

The award is less than the $1bn Venezuela offered in compensation in September.


Read more: http://www.aljazeera.com/news/americas/2012/01/20121242...



rofl
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