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Friday, October 20, 2017

Exxon Mobil Wants PDVSA Legal Edict Enforced

October 13, 2014

 

Oil company Exxon Mobil asked a U.S. District Court on Friday to recognize a World Bank arbitration ruling that Venezuela must pay $1.6 billion over a nationalization claim filed in 2007.

"Awards issued pursuant to the ICSID Convention are subject to automatic recognition and enforcement in the United States," the filing said in part.

The International Court Settlement of Investment Disputes (ICSID) published the arbitration ruling on Thursday. Venezuela said it will have to pay less than $1 billion after deducting a previous award.

A spokesman for Exxon said the filing, made in federal court in Manhattan, was standard procedure in such cases.

Reporting by Anna Driver and Marianna Parraga

 

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