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ICSID: Venezuela Must Pay Exxon $1.6B for Nationalizations

A World Bank arbitration tribunal has determined Venezuela must pay ExxonMobil Corp. around $1.6 billion to compensate for a 2007 nationalization, the award posted on the ICSID website on Thursday showed. The award is far below the amount of up to $10 billion Exxon had originally sought and also the $6 billion at which the International Center for Settlement of Investment Disputes (ICSID) capped the case, excluding a tax claim. A separate decision by the Paris-based ICC in 2012 ordered...

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