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WB tribunal rules Venezuela must pay ExxonMobil 1.6bn dollars for 2007 nationalization

Friday, October 10th 2014 - 05:34 UTC
Full article 5 comments

A World Bank arbitration tribunal has determined Venezuela must pay ExxonMobil Corp. around 1.6 billion dollars to compensate for a 2007 nationalization, the award posted on the ICSID website on Thursday showed. Read full article


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    The news online from our Northern neighbor is that somehow, someway, this is a “ victory ” for Venezuela.

    Let us now see how they ( like Argentina ) stall, and wiggle out of paying.

    “ Vulture Yanqui oil companies ” perhaps ?

    Oct 10th, 2014 - 05:57 pm - Link - Report abuse 0
  • ilsen

    ExxonMobile is just the first at the head of the queue of many, many companies.
    I hope they all come together and the outcome is that the monstrous chavismo regime is bought crashing to its knees.
    Nationalisation was trumpeted as 'giving back to the people the control of production' and was supposed to make each individual in society better off.
    No medicines, continuous widespread food shortages, basic hygine products a rarity, rampant inflation, the 'blue' at 100/1, the highest 'scarcity-index' in the West, endemic corruption, 25ooo violent deaths per annum and a default looming....
    yup, that is the result of their nationalisations, nothing works anymore.
    Well done, you stupid socialist twunts!

    Oct 11th, 2014 - 02:35 pm - Link - Report abuse 0
  • Pico_Humboldt

    There is not jobs in Venezuela now, all the people must wait in the line for food. We are despair! We want Maduro out of the office!

    Oct 11th, 2014 - 05:45 pm - Link - Report abuse 0
  • ilsen

    More economic woes from the land of chavismo...

    Only 10,268 cars have been assembled in Venezuela since the start of the year, according to the Camara Automotriz Venezolana [Venezuelan Chamber of Automobiles], an 82% reduction from the same time last year. At this time last year, 58,073 cars had been assembled in the country.

    In September alone, Venezuelan factories assembled 1,778 cars compared to the 7,106 assembled during the same month last year. The depressing figures for September follow a year-long trend of decreased industrial activity, with two factories – Mack and Chrysler – assembling ZERO cars for the fifth straight month.
    ... but at least there is plenty of cheapo, shoddy chinese-made polyester clothing in the street-markets.
    Still no toilet-roll, milk or medicines tho...

    A lack of U.S. dollars for importing raw materials is being blamed as the primary cause for the dramatic decrease in production. The government, which regulates currency exchange in the country, has been finding it difficult to meet the demand for U.S. dollars needed to keep Venezuelan industry moving and supermarket shelves stocked, leading to an unprecedented economic crisis that affects virtually every aspect of Venezuelan life.

    Oct 11th, 2014 - 05:52 pm - Link - Report abuse 0
  • yankeeboy

    I guess they'll get it when they try to sell Citgo. I am sure the courts can embargo the funds from the sale.

    V is a hair away from Default too.

    Oct 12th, 2014 - 12:39 pm - Link - Report abuse 0

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