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PDVSA Pays ExxonMobil US $250 Million in Compensation

The Venezuelan oil company PDVSA informs the public that it has paid, within the specified period of 60 days, the amount provided in the arbitration award on December 30, 2011 by the ad hoc arbitral tribunal of the International Chamber of Commerce, which agreed on an indemnity favoring ExxonMobil with a compensation of $250 million.

ExxonMobil’s initial claims amounted to $12 billion when it applied for an injunction against PDVSA at courts in England and other jurisdictions.

When ExxonMobil filed its complaint before the International Chamber of Commerce, that amount shrank to $6.8 billion, an exorbitant and abusive figure.

PDVSA pays reasonable compensations within the framework of the nationalization of the strategic assets of the Venezuelan people such as the Orinoco Oil Belt.

PDVSA has successfully defended the country's sovereignty and interests against the boundless ambitions of transnational companies.

Petróleos de Venezuela S.A. (PDVSA) / February 16, 2012

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