The World Bank’s ICSID (International
Center for Settlement of Investment Disputes) tabled the decision. ICSID
facilitates arbitration and conciliation of legal disputes between
international investors. According to ICSID’s judgment, the Venezuelan
government will have to pay $1.4 billion to Exxon Mobil for seizing its Cerro
Negro project. In addition, ICSID awards another $179 million to Exxon Mobil to
compensate for the loss it incurred when the government took over its La Ceiba
project.An earlier World Bank settlement also went in favor of Exxon Mobil on
this issue. In 2012, $908 million was awarded to the company. The current $1.6
billion compensation judgment includes the earlier $908 million award. Following
the ruling, Exxon Mobil asked a U.S district court to recognize that Venezuela
“must pay $1.6 billion over a nationalization claim filed in 2007.” More…
No comments:
Post a Comment