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HOUSTON, Oct 9 (Reuters) - A World Bank arbitration decision that Venezuela must pay Exxon Mobil Corp about $1.6 billion shows that the country "failed to provide fair compensation" for oil assets nationalized in 2007, Exxon said in a statement on Thursday.
"Exxon Mobil recognizes the sovereignty of all nations and, while clearly not a desirable outcome, accepts Venezuela's legal right to expropriate the assets of our affiliates subject to compensation at fair market value," said the Irving, Texas-based company.
Exxon, the world's largest publicly traded oil company, said it held extensive discussions with Venezuela's state-run oil company PDVSA and the government but was unable to reach agreement on fair compensation. (Reporting by Anna Driver and Marianna Parraga in Houston; Editing by Richard Chang)