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 Thieving Venezuela failed to provide fair compensation for assets -Exxon

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Thieving Venezuela failed to provide fair compensation for assets -Exxon Vide
PostSubject: Thieving Venezuela failed to provide fair compensation for assets -Exxon   Thieving Venezuela failed to provide fair compensation for assets -Exxon Icon_minitimeFri Oct 10, 2014 3:10 am

A World Bank arbitration decision that Venezuela must pay Exxon Mobil Corp about $1.6 billion shows that the country "failed to provide fair compensation" for oil assets nationalized in 2007, Exxon said in a statement on Thursday.

"Exxon Mobil recognizes the sovereignty of all nations and, while clearly not a desirable outcome, accepts Venezuela's legal right to expropriate the assets of our affiliates subject to compensation at fair market value," said the Irving, Texas-based company.

Exxon, the world's largest publicly traded oil company, said it held extensive discussions with Venezuela's state-run oil company PDVSA and the government but was unable to reach agreement on fair compensation.



http://www.reuters.com/article/2014/10/09/venezuela-exxon-mobil-statement-idUSL2N0S41RJ20141009
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