Loading ...Exxon owed $1.6bn by Venezuela for 2007 nationalisation
Venezuela must pay oil giant Exxon Mobil $1.6bn (£1bn) in compensation for expropriated assets, an international arbitration tribunal has decided.
Exxon had claimed up to $16.6bn over the nationalisation of its Cerro Negro Project and other losses in 2007.
Venezuela has not said whether it will appeal. But the foreign minister said the decision was “reasonable”.
The ruling was made by the World Bank’s International Centre for Settlement of Investment Disputes (ICSID).
It is a blow to Venezuela which is struggling with a shortage of foreign currency, inflation and a stagnating economy.