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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...

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