Venezuela in Talks on $6 Billion Settlement With Exxon
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Petroleos de Venezuela SA, the state oil company, and Exxon Mobil Corp. are negotiating an arbitration settlement of about $6 billion for assets seized by President Hugo Chavez in 2007.
Venezuela will pay any ruling issued by the World Bank’s International Centre for Settlement of Investment Disputes, or ICSID, that is in Exxon’s favor, Carlos Escarra, the country’s prosecutor general, told reporters today in Caracas.