PDVSA pays ExxonMobil $250m

Payout: PDVSA said it had paid ExxonMobil $250 million

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By News Wires

 16 February 2012 08:52 GMT

Venezuela's state oil company PDVSA said it had paid US supermajor ExxonMobil about $250 million in compensation for nationalised assets to comply with an arbitration panel.

The Paris-based International Chamber of Commerce, or ICC, had awarded the oil major $908 million over the 2007 nationalisation of the Cerro Negro project in the South American Opec member's vast Orinoco heavy crude belt.

But President Hugo Chavez's government later said it was deducting debts owed by ExxonMobil, including PDVSA's repurchase of bonds linked to the nationalised project, slimming the payment due to about $250 million, Reuters reported.

"PDVSA informs the country the amount foreseen in the ruling was honored before the 60 days stipulated," Reuters quoted a company statement as saying…

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