Venezuela

World Bank scraps order for Venezuela to pay $1.4 billion

PHOTO: REUTERS
PHOTO: REUTERS

WASHINGTON: A World Bank panel has overturned part of a ruling ordering Venezuela to pay $1.4 billion to ExxonMobil in compensation for nationalising a company project 10 years ago.

In an 85-page ruling, the Washington-based International Centre for Settlement of Investment Disputes (ICSID) agreed with Venezuela’s argument appealing the amount of compensation to the US oil giant, and overturned that part of its 2014 decision.

The ICSID ruling was dated Thursday, but was released on Friday.

ExxonMobil originally had sought $12 billion in compensation over…

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