CARACAS, Oct 10 (Reuters) - Venezuela will end up having to pay less than $1 billion to Exxon Mobil Corp for oil assets nationalized in 2007, after this week’s World Bank tribunal award of $1.6 billion, Venezuela’s Foreign Minister Rafael Ramirez said on Friday.
Venezuela says it will deduct a previous award made against it by another international tribunal, the Paris-based International Chamber of Commerce (ICC). Ramirez told reporters Venezuela would have “no problem” finalizing the details of Thursday’s award by the World Bank’s ICSID tribunal.
Exxon had been seeking far more. (Reporting by Andrew Cawthorne; Editing by Chizu Nomiyama)