MARACAIBO, Venezuela, June 18 (Reuters) - A World Bank arbitration tribunal has rejected Venezuela’s request to review an order to pay Exxon Mobil Corp $1.6 billion in compensation for nationalizations.
“The Application for Revision is dismissed as inadmissible,” the International Centre for Settlement of Investment Disputes said on its web site in announcing its June 12 decision. “The stay of enforcement is hereby automatically terminated.”
The measure appears to stymie the socialist-ruled OPEC nation’s attempt to delay payment of the award.
Venezuela has been arguing that a previous decision by the Paris-based International Chamber of Commerce awarding $908 million to Exxon should be deducted from the ICSID award.
President Nicolas Maduro’s government is facing a raft of big-figure arbitration claims as it also handles an economic recession, a tumble in oil prices and substantial debt payments.
The cases date from former president Hugo Chavez’s 14-year rule when he nationalized a range of oil ventures, including the Exxon-operated Cerro Negro and La Ceiba projects.
Venezuela in the past has paid ICSID awards and says it will honor rulings in ongoing cases. (Writing by Andrew Cawthorne; Editing by Girish Gupta and W Simon)