Venezuela won't have to pay Exxon US$1.4b: panel

Published Sun, Mar 12, 2017 · 09:50 PM

Washington

A WORLD Bank panel has overturned part of a ruling ordering Venezuela to pay US$1.4 billion to ExxonMobil in compensation for nationalising a company project 10 years ago.

In an 85-page ruling, the Washington-based International Centre For Settlement of Investment Disputes (ICSID) agreed with Venezuela's argument appealing the amount of compensation to the US oil giant, and overturned that part of its 2014 decision.

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