WASHINGTON, Oct. 10 (UPI) -- The government of Venezuela declared victory following a ruling by an international court regarding Exxon Mobil claims on the country's offshore oil.
The International Center for Settlement of Investment Disputes, which receives funding from the World Bank, ruled Venezuela must pay Exxon Mobil $1.6 billion for taking over assets in 2007. That's far less than the $16.6 billion Exxon wanted, giving the government in Caracas a claim to victory.
"Once again, Venezuela, its government, institutions and workers have confronted and [have] been able to defeat the aggressions of the powerful transnational interests," a statement published Thursday read.
The court, in its 138-page ruling, said the compensation is owed "for the expropriation of [Exxon Mobil's] investments in the Cerro Negro project [in the Orinoco belt]."
Former Venezuelan President Hugo Chavez moved to put the state in control of several oil projects in 2007.
In March, ICSID ruled against Venezuela in a decision involving the seizure of ConocoPhillips assets. Venezuelan energy company Petroleos de Venezuela argued a 2013 ruling it failed to act in good faith in talks to compensate Conoco for assets seized in 2007 was unfair.
A spokesman for Exxon told the Wall Street Journal the latest court ruling wasn't ideal, but confirms Caracas "failed to provide fair compensation for expropriated assets."
