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Court overturns Exxon Mobil ruling
VENEZUELA won a victory against Exxon Mobil on Thursday when a World Bank tribunal overturned a 2014 anti-nationalisation ruling.
The International Centre for Settlement of Investment Disputes upheld Caracas’s appeal against the ruling granting the oil giant $1.4 billion (£1.15bn) compensation over late president Hugo Chavez decision to take over the Cerro Negro project in 2007.
“We were confident all along that our position was correct and are very pleased that the annulment committee agreed,” Venezuela’s lawyer George Kahale said.
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