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Venezuela sees 2016 ruling on bid to annul $1.6B award to Exxon

Jun. 19, 2015 3:15 PM ETExxon Mobil Corporation (XOM) StockXOMBy: Carl Surran, SA News Editor6 Comments
  • A World Bank arbitration tribunal should rule by Q2 2016 on Venezuela's bid to annul a $1.6B compensation award to Exxon Mobil (XOM -0.3%) for nationalizations, the country's attorney general's office says.
  • The cases date from former president Chavez's 14-year rule when he nationalized various oil ventures, including the XOM-operated Cerro Negro and La Ceiba projects.
  • Earlier this week, the World Bank's International Centre for Settlement of Investment Disputes rejected a separate Venezuelan request for a review of the award.

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