UPDATE 1-Venezuela seeks annulment of Exxon award at World Bank tribunal

miércoles 25 de febrero de 2015 22:36 GYT

(Adds Conoco arbitrator resigned, details on Exxon)

By Alexandra Ulmer

CARACAS Feb 25 (Reuters) - Venezuela has requested the annulment of a World Bank tribunal award that orders it pay Exxon Mobil Corp $1.6 billion in compensation for nationalizations, both sides said on Wednesday.

George Kahale, Venezuela's lawyer, said he did not know when the tribunal was likely to issue a decision on the request.

"The first step is for the appointment of the committee to hear the annulment application, and that has not happened yet," said the lawyer with Curtis, Mallet-Prevost, Colt & Mosle LLP.

"The schedule for the annulment process will not be determined until after the committee is appointed."

Exxon said earlier on Wednesday the South American OPEC country had filed for an annulment of the International Centre for Settlement of Investment Disputes award on Feb. 2.

"The application alleges that, in issuing the ICSID award, the Tribunal exceeded its powers, failed to state reasons on which the ICSID award was based, and departed from a fundamental rule of procedure," Exxon said in its 10-K filing.

The move contrasts with October, when Venezuela deemed the award a victory for its sovereignty and oil workers were shown on TV celebrating.   Continuación...