World Bank Tribunal Annuls Venezuela Damages Reward For Exxon

By Irina Slav The International Center for Settlement of Investment Disputes annulled an earlier decision that would have seen Venezuela pay more than a billion dollars to Exxon for the nationalization of two projects it ran in the country. The news was announced by a lawyer for the Venezuelan government, and the sum that has been spared Caracas, according to Reuters, is $1.4 billion. The initial award for damages from the ICSID, dating from 2014, was for $1.6 billion but Venezuela argued that another $908 million that the International Chamber of Commerce ruled…

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