Venezuela has been ordered to pay $1.6 billion (£1 billion) in compensation to oil giant Exxon Mobil for expropriating assets in 2007.
Exxon had been seeking up to $16.6 billion in compensation from the World Bank’s International Centre for Settlement of Investment Disputes following the nationalisation of its Cerro Negro and La Ceiba projects.
Venezuela is battling 20 similar cases at the World Bank linked to takeover of private assets during the rule of its late president Hugo Chavez.
The ruling was described as “reasonable” by the country’s Left-wing government. Exxon said: “The decision confirms that the Venezuelan government failed to provide fair compensation for expropriated assets.”Reuse content