CARACAS (AP) ― Venezuela said Monday it has successfully defended itself in an international arbitration case brought by Exxon Mobil Corp. and will need to pay only $255 million of the more than $900 million awarded to the company.
State oil company Petroleos de Venezuela SA, or PDVSA, said in a statement that debts and court action reduce what it owes under decision by the International Chamber of Commerce, which awarded Exxon Mobil more than $907 million in compensation.
It noted that Exxon Mobil had previously used international courts to freeze about $300 million in Venezuela’s U.S. accounts and that the company also has a debt of $191 million relating to financing of an oil project in the country, as well as $160 million that the arbitration tribunal said was due to PDVSA.
