Venezuela takes ExxonMobil ruling in its stride

摘要

The Venezuelan government will accept an international arbitration panel’s ruling that orders it to pay compensation to ExxonMobil for the 2007 expropriation of the firm’s local assets. But the government does not expect to pay the full $1.6bn award, the energy ministry says. Caracas expects to pay ExxonMobil less than $1bn after adjustments in compliance with a “double recovery” prohibition in the compensation award issued on 9 October by the World Bank’s International Centre for Settlement of Investment Disputes (Icsid).