Exxon awarded $908m over Venezuela dispute

[arikara]

Source: aljazeera

An international arbitration body has awarded US oil firm Exxon Mobil nearly $908m in a dispute with Venezuela over compensation for the nationalisation of its assets, the company says.

Exxon requested arbitration after President Hugo Chavez's government nationalised an oil project in the country in 2007.

The company had sought as much as $10bn in compensation for its heavy crude upgrading project in the Orinoco Belt, which was nationalised along with three others.

The award is less than the $1bn Venezuela offered in compensation in September.


Read more: http://www.aljazeera.com/news/americas/2012/01/20121242111856565.html

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rofl

[No Elephants]

1. A little less than offered in September. Wish it had been a lot less.

[rpannier]

2. Yep

908m less

[AnotherDreamWeaver]

3. Isn't it 92million less? They get the 908million....

[rpannier]

4. No

I mean I'd have given Exxon 902 million less than what they got = Zero

[classysassy]

5. Will Chavez pay?

If he refuse to pay will we send in the troops?

[arikara]

6. He probably will

he offered them a billion and they took him to court and subsequently got less. Sometimes there is justice.