Arab Today, arab today exxon wins 908m from venezuela in oil dispute
Last Updated : GMT 18:40:43
Arab Today, arab today
Arab Today, arab today

Exxon wins $908m from Venezuela in oil dispute

Arab Today, arab today

Arab Today, arab today Exxon wins $908m from Venezuela in oil dispute

London - Arabstoday

Oil giant Exxon Mobil has won $908m (£586m) from an arbitration panel after the nationalisation of its Venezuelan oil project in 2007. However, this is less than 10% of what the oil giant had reportedly sought. The International Chamber of Commerce (ICC) in Paris set the award, ruling that Venezuela\'s state oil company, PDVSA, did have liability to Exxon after its assets were nationalised. The award is less than the $1bn Venezuela offered in September. Exxon had reportedly sought $10bn in compensation for the nationalisation of its heavy crude upgrading project in Venezuela\'s oil rich Orinoco belt. Future cases It is one of many arbitration cases currently under consideration after Venezuelan President Hugo Chavez ordered the nationalisation of the assets of some oil companies including Exxon and Conoco Phillips. \"They must be elated that they got off so cheap. It\'s certainly a happy new year for Venezuela,\" said Russ Dallen at Caracas Capital Markets. The decision was made by an arbitration tribunal at the ICC. Under the rules of the arbitration, its decisions are binding. Exxon will hope for a better result in the next case concerning the nationalisation of its Cerro Negro heavy oil project, which is being heard by a different arbitration panel. Much of Venezuela\'s so far untapped reserves are harder-to-process heavy oil, and the Venezuelan government has been keen to increase state revenues from these reserves. Analysts have said the country\'s aggressive nationalisation strategy may have deterred foreign investors and limited oil production. But despite the moves, which saw Exxon and Conoco Philips leave the country, other oil firms have continued to invest . In 2010, US firm Chevron and Spain\'s Repsol signed investment deals to exploit resources in the country\'s Orinoco belt.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today exxon wins 908m from venezuela in oil dispute Arab Today, arab today exxon wins 908m from venezuela in oil dispute

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday