Venezuela ordered to pay Exxon Mobil $1.6bn

Venezuela was yesterday ordered to pay US oil company Exxon Mobil around $1.6 billion (£1bn) after taking over its oil sites in 1997. The South American country renationalised the Cerro […]

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By Vicky Ellis

Venezuela was yesterday ordered to pay US oil company Exxon Mobil around $1.6 billion (£1bn) after taking over its oil sites in 1997.

The South American country renationalised the Cerro Negro and La Ceiba projects which Exxon owned.

The oil projects were in the Orinoco river basin.

Judges on a tribunal of the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) made the order.

In 2012, Venezuela’s GDP was around $382 billion (£238bn) according to World Bank data.