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Exxon owed $1.6bn by Venezuela for 2007 nationalisation Exxon owed $1.6bn by Venezuela for 2007 nationalisation
(35 minutes later)
Venezuela must pay oil giant Exxon Mobil $1.6bn (£1bn) in compensation for expropriated assets, an international arbitration tribunal has decided.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 in compensation for the nationalisation of its Cerro Negro Project and other losses in 2007.Exxon had claimed up to $16.6bn in compensation for the nationalisation of its Cerro Negro Project and other losses in 2007.
Venezuela may choose to appeal against the decision.Venezuela may choose to appeal against the decision.
The ruling was made by the World Bank's International Centre for Settlement of Investment Disputes (ICSID).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.It is a blow to Venezuela which is struggling with a shortage of foreign currency, inflation and a stagnating economy.
'Legal right''Legal right'
The Venezuelan government is currently battling more than 20 similar demands at the World Bank by other foreign companies over the state's takeover of private assets under its former president, Hugo Chavez.
Exxon Mobil said in a statement: "The decision confirms that the Venezuelan government failed to provide fair compensation for expropriated assets."Exxon Mobil said in a statement: "The decision confirms that the Venezuelan government failed to provide fair compensation for expropriated assets."
The company added that it "accepts Venezuela's legal right to expropriate the assets of our affiliates subject to compensation at fair market value".The company added that it "accepts Venezuela's legal right to expropriate the assets of our affiliates subject to compensation at fair market value".
A previous decision in 2012 ruled that PDVSA, the state oil company, should pay Exxon $908m.A previous decision in 2012 ruled that PDVSA, the state oil company, should pay Exxon $908m.
Venezuela has since paid a portion of that award, which will be taken into account in calculating the balance that Venezuela owes.Venezuela has since paid a portion of that award, which will be taken into account in calculating the balance that Venezuela owes.