(Corrects lede to show ICSID made the decision)
CARACAS, Oct 9 (Reuters) - A World Bank arbitration tribunal has determined Venezuela must pay Exxon Mobil Corp around $1.6 billion to compensate for a 2007 nationalization, the award posted on the ICSID website Thursday showed.
A separate decision by the Paris-based ICC in 2012 ordered Venezuela state oil company PDVSA pay Exxon $908 million.
There will not be double compensation for the nationalization.
The ICSID award said Exxon is willing to make the required reimbursement to PDVSA to avoid “double recovery.” (Reporting by Alexandra Ulmer and Corina Pons; Editing by Diane Craft)