10 Oct 2014

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Venezuela must pay ExxonMobilXXON $1.6 fine

Washington - Venezuela was ordered Thursday to pay ExxonMobil $1.6bn to compensate the US oil company for the expropriation of oil fields.

The Washington-based International Centre for Settlement of Investment Disputes, a World Bank tribunal, issued the order at its website.

While the order is a win for ExxonMobil in a complaint dating back to 2007, the company had demanded $14.4bn.

Prior to the expropriation of ExxonMobil's investments in the Cerro Negro and La Ceiba projects, the US oil company and the Venezuelan state oil company Petroleos cooperated under a partnership.

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