25 de septiembre de 2014 / 12:37 / en 3 años

Venezuela-Exxon arbitration ruling due in days - newspaper

CARACAS, Sept 25 (Reuters) - A World Bank arbitration tribunal will rule in days that Venezuela must pay between $700 million and $1.2 billion to Exxon Mobil Corp to compensate for a 2007 nationalization, a newspaper said on Thursday.

Pro-opposition Caracas daily El Nacional cited a source at Venezuela’s state oil company PDVSA saying the International Center for Settlement of Investment Disputes (ICSID) would give a judgment by Monday.

“Preliminary calculations indicate that the total would be between $700 million and $1.2 billion,” for the takeover of Exxon Mobil’s Cerro Negro heavy oil project in the Orinoco region by then President Hugo Chavez’s government, it said.

The company received $908 million from PDVSA in 2012 after a separate decision by the International Chamber of Commerce over the same claim.

El Nacional said it was unclear if a potential ICSID ruling would deduct that amount already paid. “If they do not deduct payments already made, the country’s finances will be seriously affected,” the report said.

Venezuela is facing around 20 cases at the World Bank tribunal.

There has been no official word on the case from either PDVSA or Exxon Mobil, nor was there any new information on the ICSID web site where judgments are posted. (Writing by Andrew Cawthorne; Editing by Chizu Nomiyama)

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