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U.S. markets recover from steep losses
CARACAS, Venezuela, Jan. 2 (UPI) -- An International Chamber of Commerce's arbitration panel in Paris has ruled Venezuela owes oil giant Exxon Mobil $900 million for assets seized in 2007.
Although Venezuela is still open to foreign investment, the country seized control of several oil development projects in 2007, including U.S. company Exxon Mobil's projects in the Orinoco Belt, which the U.S. Geological Survey said was the largest oil field it had ever assessed.
The New York Times reported Monday that the ruling by the International Court of Arbitration isn't the last of the court cases between Exxon Mobil and Venezuela. The World Bank's International Center for Investment Disputes is also reviewing a case concerning Venezuela's nationalization of oil projects.
Venezuela didn't comment on the ruling, but the country's oil minister, Rafael Ramirez, said last year it could afford settlements totaling $2.5 billion in the case with Exxon Mobil and other oil companies.
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