Discover Yahoo! With Your Friends

Explore news, videos, and much more based on what your friends are reading and watching. Publish your own activity and retain full control.

To get started, first

YOUR FRIENDS' ACTIVITY

    Venezuela: Exxon compensation has been settled

    CARACAS, Venezuela (AP) — Venezuela's state-run oil company announced Wednesday that an arbitration dispute with Exxon Mobil Corp. has been settled because the U.S. oil giant has received a payment topping $250 million.

    Exxon Mobil sought arbitration after the government of President Hugo Chavez nationalized an oil project in the South American nation's oil-rich Orinoco region in 2007.

    The Irving, Texas-based oil company and representatives of Petroleos de Venezuela S.A., or PDVSA, failed to reach an agreement on compensation for Exxon's assets, prompting Exxon to bring the case to the International Chamber of Commerce.

    The chamber awarded Exxon more than $907 million in compensation for its nationalized assets.

    But PDVSA said Wednesday the dispute had been settled following a payment of $250,897,799.

    Representatives of Exxon did not respond to telephone calls seeking comment late Wednesday.

    Venezuela's oil minister, Rafael Ramirez, said the government doesn't intend to make additional payments to Exxon beyond about $255 million.

    Exxon had brought the case to a World Bank-affiliated arbitration body, the Washington-based International Centre for Settlement of Investment Disputes, or ICSID.

    Chavez announced last month that Venezuela was withdrawing from the ICSID.

    PDVSA has said it intended to pay about $255 million after subtracting debts, as well as funds in its U.S. accounts that Exxon Mobil had managed to freeze through lawsuits.

     

    16 comments

    • martin e  •  3 mths ago
      What a SCREW JOB--- kick CITGO out of this country!!!
    • D'booger  •  3 mths ago
      XOM is real #$%$ - they take the oil that they think is theirs, wrote off all the exploration costs with credits on taxes - made fortunes, then sue because their exec's are upset they didn't get huge bonuses!
      • Old mutt 3 mths ago
        Exxon took all the risk, did all the work and payed fair market value for every drop of oil. If it was up to your 99% sit on your butt crowd we would all be like Greece, flat broke.
      • Nazional Socialista. 3 mths ago
        Old Mutt, but you are Broke anyways!ha,. sorry..you asked for.
    • mojo rising  •  3 mths ago
      as long as chavez is the dictator of venenzuela there will be crime and corruption
      • D'booger 3 mths ago
        Yeah, and I bet it won't even come remotely close to the corruption, collusion and nepotism in DC.
      • Nazional Socialista. 3 mths ago
        ha,ha,ah what a funny guy..Mojo.
    • Brian  •  3 mths ago
      Invest in Venz, that way chavez can take it and claim nationalizing, dam communist
    • mychael  •  3 mths ago
      exxon should receive a kick in the a's/s and nothing more !
    • Richard  •  3 mths ago
      we have invaded and conquered countries for less then what this belligerent communist has done ...we need to have an american naval carrier group in south america ... and we need to stop the flow of illegal aliens and drugs from this region ..latin america is increasingly becoming problematic
      • mychael 3 mths ago
        fkckckk you stay in your rotten country,you like to enjoy Brasil,fcckck you don't come to Brasil !!!
    • Brian  •  3 mths ago
      Hey libs, why don't you just take peoples homes away and claim your nationalizing.
      • beauboy 3 mths ago
        dumb fk
      • D'booger 3 mths ago
        Naww, we let the banks foreclose then give them bailouts! Don't know what's worse - giving cockroaches free bailouts or letting the same bunch of A-holes foreclose.
    • Snowdog  •  Asheville, North Carolina  •  3 mths ago
      Thanks a lot Chavez. Aside from being a terror loving cockroach, your recent undertakings in larceny on a colossal scale are going to cost everyone plenty. Exxon will find some way to sweat the value of what you stole out of their customers!
    • Jerry  •  Livingston, New Jersey  •  3 mths ago
      Time for another spritz of that cancer spray for Hugo
    • beauboy  •  3 mths ago
      exxon mobil screwed the venezuelan people for years,the same way they're screwing the american people on a daily basis and chavez is the bad guy? do you enjoy paying 75-100 dollars for a tank of gas while they announce record profits every quarter? do your homework on exxon mobil before coming in here and defending them.what a head shaker.
    • George  •  3 mths ago
      Exxon wants more money. As much as I hate Chavez, I'm glad he won. Exxon has been milking the U.S money for a long time.
    • AlB  •  Texarkana, Texas  •  3 mths ago
      Between Exxon and Chavez, I will take the lesser evil....Exxon!
    • Dick  •  Manila, Philippines  •  3 mths ago
      Chavez and Ahmadinejad don't belong to the civilized world, it are barbarians !
    • ishtar127a  •  3 mths ago
      That's no surprise. I think I recall, even that World Bank arbitration was settled at less than a tenth of what Exxon sought, for the Venezuelan nationalization and seizure of Exxon-funded resource development and industry in their country. Then Chavez refused that judgement and said they'd only pay a part--a number which over time was gradually reduced to the above amount. Venezuela has been receiving the favorable decisions in progression, but each time they get what they want, then they throw it over and say it's not enough. With them, Syria and Iran in cahoots, it's like they want to push everyone toward Armageddon. Anybody know if these cultures have 2012-mania? Because, really, it's beginning to look like they are deliberately escalating international incidences.

      I will thank them, though, for one thing: their actions are helping to push the US back toward self-sufficiency, and production that exceeds consumption. Funny, isn't it? They're trying to throw their weight around and force the rest of the world to cringe, bow and succumb, and what they will achieve is goading their opposition to reach more prosperous, secure economic levels.
    • Jess  •  3 mths ago
      God Bless Chavez !!....please do not pay one cent to Exxon...!!! thousand of fishermen are still waiting for a compensation after the Exxon Valdez disaster in Alaska ! Exxon is a greedy corporation.
    • Patrick Sain  •  Cleveland, Ohio  •  3 mths ago
      the united states needs to get rid off chavez he nothing but a pest an a cancer on the united states and the world
    [ [ [['Connery is an experienced stuntman', 2]], 'http://yhoo.it/KeQd0p', '[Slideshow: See photos taken on the way down]', ' ', '630', ' ', ' ', ], [ [['Connery is an experienced stuntman', 7]], ' http://yhoo.it/KpUoHO', '[Slideshow: Death-defying daredevils]', ' ', '630', ' ', ' ', ], [ [['know that we have confidence in', 3]], 'http://yhoo.it/LqYjAX ', '[Related: The Secret Service guide to Cartagena]', ' ', '630', ' ', ' ', ], [ [['We picked up this other dog and', 5]], 'http://yhoo.it/JUSxvi', '[Related: 8 common dog fears, how to calm them]', ' ', '630', ' ', ' ', ], [ [['accused of running a fake hepatitis B', 5]], 'http://bit.ly/JnoJYN', '[Related: Did WH share raid details with filmmakers?]', ' ', '630', ' ', ' ', ], [ [['accused of running a fake hepatitis B', 3]], 'http://bit.ly/KoKiqJ', '[Factbox: AQAP, al-Qaeda in Yemen]', ' ', '630', ' ', ' ', ], [ [['have my contacts on or glasses', 3]], 'http://abcn.ws/KTE5AZ', '[Related: Should the murder charge be dropped?]', ' ', '630', ' ', ' ', ], [ [['have made this nation great as Sarah Palin', 5]], 'http://yhoo.it/JD7nlD', '[Related: Bristol Palin reality show debuts June 19]', ' ', '630', ' ', ' ', ], [ [['have made this nation great as Sarah Palin', 1]], 'http://bit.ly/JRPFRO', '[Related: McCain adviser who vetted Palin weighs in on VP race]', ' ', '630', ' ', ' ', ], [ [['A JetBlue flight from New York to Las Vegas', 3]], 'http://yhoo.it/GV9zpj', '[Related: View photos of the JetBlue plane in Amarillo]', ' ', '630', ' ', ' ', ], [ [['the 28-year-old neighborhood watchman who shot and killed', 15]], 'http://news.yahoo.com/photos/white-house-stays-out-of-teen-s-killing-slideshow/', 'Click image to see more photos', 'http://l.yimg.com/cv/ip/ap/default/120411/martinzimmermen.jpg', '630', ' ', 'AP', ], [ [['Titanic', 7]], 'http://news.yahoo.com/titanic-anniversary/', ' ', 'http://l.yimg.com/a/p/us/news/editorial/b/4e/b4e5ad9f00b5dfeeec2226d53e173569.jpeg', '550', ' ', ' ', ], [ [['He was in shock and still strapped to his seat', 6]], 'http://news.yahoo.com/photos/navy-jet-crashes-in-virginia-slideshow/', 'Click image to see more photos', 'http://l.yimg.com/cv/ip/ap/default/120406/jet_ap.jpg', '630', ' ', 'AP', ], [ [['xxxxxxxxxxxx', 11]], 'http://news.yahoo.com/photos/russian-grannies-win-bid-to-sing-at-eurovision-1331223625-slideshow/', 'Click image to see more photos', 'http://l.yimg.com/a/p/us/news/editorial/1/56/156d92f2760dcd3e75bcd649a8b85fcf.jpeg', '500', ' ', 'AP', ] ]
    [ [ [['did not go as far his colleague', 8]], '29438204', '0' ], [ [[' the 28-year-old neighborhood watchman who shot and killed', 4]], '28924649', '0' ], [ [['because I know God protects me', 14], ['Brian Snow was at a nearby credit union', 5]], '28811216', '0' ], [ [['The state news agency RIA-Novosti quoted Rosaviatsiya', 6]], '28805461', '0' ], [ [['measure all but certain to fail in the face of bipartisan', 4]], '28771014', '0' ], [ [['matter what you do in this case', 5]], '28759848', '0' ], [ [['presume laws are constitutional', 7]], '28747556', '0' ], [ [['has destroyed 15 to 25 houses', 7]], '28744868', '0' ], [ [['short answer is yes', 7]], '28746030', '0' ], [ [['opportunity to tell the real story', 7]], '28731764', '0' ], [ [['entirely respectable way to put off the searing constitutional controversy', 7]], '28723797', '0' ], [ [['point of my campaign is that big ideas matter', 9]], '28712293', '0' ], [ [['As the standoff dragged into a second day', 7]], '28687424', '0' ], [ [['French police stepped up the search', 17]], '28667224', '0' ], [ [['Seeking to elevate his candidacy back to a general', 8]], '28660934', '0' ], [ [['The tragic story of Trayvon Martin', 4]], '28647343', '0' ], [ [['Karzai will get a chance soon to express', 8]], '28630306', '0' ], [ [['powerful storms stretching', 8]], '28493546', '0' ], [ [['basic norm that death is private', 6]], '28413590', '0' ], [ [['songwriter also saw a surge in sales for her debut album', 6]], '28413590', '1', 'Watch music videos from Whitney Houston ', 'on Yahoo! Music', 'http://music.yahoo.com' ], [ [['keyword', 99999999999999999999999]], 'videoID', '1', 'overwrite-pre-description', 'overwrite-link-string', 'overwrite-link-url' ] ]
    Loading...