Posted on: October 13th, 2014 by Administrator No Comments

Oil company Exxon Mobil asked a U.S. District Court on Friday to recognize a World Bank arbitration ruling that Venezuela must pay $1.6 billion over a nationalization claim filed in 2007.
“Awards issued pursuant to the ICSID Convention are subject to automatic recognition and enforcement in the United States,” the filing said in part.
The International Court Settlement of Investment Disputes (ICSID) published the arbitration ruling on Thursday. Venezuela said it will have to pay less than $1 billion after deducting a previous award.

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