Venezuela to Pay Exxon $1.6 Billion

A World Bank arbitration panel has ordered Venezuela to pay $1.6 billion to Exxon Mobil for the seizure of a major oil project in the South American country. The three-member panel granted the award Thursday to the U.S. oil giant for the 2007 expropriation of the Cerro Negro project in Venezuela. The amount is far below the up to $10 billion Exxon Mobil had sought from Venezuela's socialist government. Venezuelan Foreign Minister Rafael Ramirez characterized the compensation the...

© La Voix de l'Amérique - vendredi 10 octobre 2014