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Exxon Wins $1.6 Billion Settlement for Venezuela Seizure

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Exxon Mobil Corp. was awarded a $1.6 billion judgment by an international arbitration panel for assets seized by Venezuela’s government in 2007, a fraction of what the crude producer had sought.

The World Bank’s International Centre for Settlement of Investment Disputes, or ICSID, awarded the sum to Irving, Texas-based Exxon as compensation for investments in the Cerro Negro project and other losses, according to a ruling on the center’s website today. The world’s most valuable oil company had originally sought as much as $14.7 billion for assets nationalized after it refused to accept terms of a partnership with state-owned Petroleos de Venezuela SA.