State News
5:00 am
Mon January 2, 2012

Exxon Mobil Wins Arbitration Against Venezuela

According to Exxon Mobil, an arbitration body has awarded the company nearly $908 million in a dispute with Venezuela.

 

The International Chamber of Commerce confirmed that a Venezuelan state oil company “does have a contractual liability” according to the Irving-based company. Exxon turned to international arbitration after Venezuela nationalized an oil project in 2007.

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