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Oil & Gas

Venezuela’s PDVSA May Pay Exxon $3.7 Billion

April 14, 2011
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According to Bloomberg, Petroleos de Venezuela SA may have to pay $3.7 billion in compensation to Exxon Mobil for assets nationalized by Venezuelan President Hugo Chavez in 2007, according to an estimate by Barclays Capital analysts. A settlement is expected soon from the International Chamber of Commerce in New York. The World Bank’s International Centre for Settlement of Investment Disputes, or ICSID, is also expected to rule on a case later in the year.

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