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Venezuela ordered to pay Exxon US$1.6b

Published Fri, Oct 10, 2014 · 09:50 PM

New York

A WORLD Bank arbitration panel on Thursday ruled that the Venezuelan government must pay ExxonMobil US$1.6 billion to compensate for taking control of the US firm's heavy-oil project in the country.

A three-member arbitration panel for the Washington-based International Centre For Settlement of Investment Disputes (ICSID) unanimously granted the award to the biggest US oil company following the June 2007 exprop…