1 Jan 2012

Verdict reached in compensation claim

5:43 pm on 1 January 2012

An international arbitration panel has reached a verdict in an arbitration case over Venezuela's nationalisation of Exxon Mobil assets.

Venezuelan sources have declined to specify the total amount that the country was ordered to pay.

Exxon Mobil in 2007 filed a claim with a World Bank arbitration tribunal for as much as $US7 billion in compensation for a heavy oil project nationalized by President Hugo Chavez.

Venezuela insisted the project's actual value was considerably less.

The country still faces outstanding arbitration claims from a range of companies including ConocoPhillips, cement-makers Cemex of Mexico and Holcim of Switzerland, for nationalization of their assets.

Energy minister Rafael Ramirez has said Venezuela does not expect to pay more than $US2.5 billion for the combined total of the ConocoPhillips and Exxon Mobil arbitration claims.