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Chavez Says Venezuela Won’t Accept World Bank Arbitration

Venezuela will pull out of a World Bank-affiliated arbitration panel and won’t accept any of its rulings, including a multi-billion claim for a nationalized oil project by Exxon Mobil Corp., President Hugo Chavez said.

The Washington-based International Centre for Settlement of Investment Disputes, or ICSID, is considering Exxon’s claim in one of about 20 suits filed there against the Venezuelan government. Wichita, Kansas-based Koch Industries Inc. and Owens-Illinois, Inc., the world’s largest maker of glass containers, are among other companies seeking compensation.