Venezuela will pull out of the ICSID, a World Bank-affiliated arbitration panel, and won’t...

|By:, SA News Editor

Venezuela will pull out of the ICSID, a World Bank-affiliated arbitration panel, and won’t accept any of its rulings, Hugo Chavez said yesterday. Suits include Exxon's (XOM) multi-billion claim for a nationalized oil project and one from Owens-Illinois (OI). If Chavez follows through, though, it's unlikely to hit arbitrations already started.