Venezuela won't recognize World Bank ruling in Exxon case

By REUTERS
January 8, 2012 21:41

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

CARACAS - Venezuelan President Hugo Chavez said on Sunday that his country would not recognize a ruling by a World Bank tribunal in a multibillion-dollar arbitration case with Exxon Mobil Corp.

Exxon took Venezuela to the World Bank's International Center for Settlement of Investment Disputes, or ICSID, seeking as much as $12 billion in compensation after Chavez ordered the nationalization of the Cerro Negro oil project in 2007.

"I tell you: we will not recognize any decision," Chavez said during a televised speech. He has repeatedly accused the US oil major of using unfair deals in the past to "rob" the South American OPEC member of its natural resources.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
September 23, 2018
UK PM May's aides form contingency plans for approaching election

By REUTERS