ExxonMobil Will Get Only $255M, Says Venezuela
In an international arbitration case brought by ExxonMobil Corp., Venezuela says it has successfully defended itself and will pay only $255 million out of more than $900 million awarded to the company.
State oil company Petroleos de Venezuela SA says in a statement that it will need to pay only part of the total award. It says ExxonMobil has seized $300 million in Venezuela's U.S. accounts and that the company also owes the state oil company about $351 million.
PDVSA called it a "successful defense" and said ExxonMobil had initially demanded about $12 billion in compensation.
ExxonMobil sought arbitration after President Hugo Chavez's government nationalized an oil project in 2007.