Venezuela will pay Exxon Mobil $255m in compensation for assets nationalised in 2007
The International Chamber of Commerce (ICC) in Paris had ruled that PDVSA, Venezuela's state oil company, was required to compensate the US firm. It said PDVSA should pay Exxon $908m.
But PDVSA said that debts owed by Exxon and court action meant the amount it would actually pay would be much less. Exxon said the ICC award gave the company "$907.6m of real financial benefit in the form of debt relief and cash".
PDVSA said Exxon had previously used international courts to freeze $300m in Venezuela's US accounts, and added that Exxon owed $191m relating to the financing of an oil project in Venezuela, as well as $160m that the arbitration tribunal said was due.
Exxon had reportedly sought $10bn in compensation for the nationalisation of its heavy crude upgrading project in Venezuela's oil rich Orinoco belt. The Venezuelan government said in September it had offered Exxon $1bn to settle the case.
The International Chamber of Commerce (ICC) in Paris had ruled that PDVSA, Venezuela's state oil company, was required to compensate the US firm. It said PDVSA should pay Exxon $908m.
But PDVSA said that debts owed by Exxon and court action meant the amount it would actually pay would be much less. Exxon said the ICC award gave the company "$907.6m of real financial benefit in the form of debt relief and cash".
PDVSA said Exxon had previously used international courts to freeze $300m in Venezuela's US accounts, and added that Exxon owed $191m relating to the financing of an oil project in Venezuela, as well as $160m that the arbitration tribunal said was due.
Exxon had reportedly sought $10bn in compensation for the nationalisation of its heavy crude upgrading project in Venezuela's oil rich Orinoco belt. The Venezuelan government said in September it had offered Exxon $1bn to settle the case.
Sources:
BBC News
BBC News
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