Venezuela not to recognize World Bank decision on Cerro Negro oil project
10:09, 10 January 2012
CARACAS. January 10. KAZINFORM Venezuelan President Hugo Chavez said Sunday that his country would not recognize any ruling by a World Bank (WB) tribunal on compensation for the nationalization of the Cerro Negro oil project; Kazinform refers to Xinhua.
Exxon Mobile, a U.S. oil giant, took Venezuela to the WB's International Center for Settlement of Investment Disputes (ICSID), seeking some 12 billion U.S. dollars in compensation after Chavez ordered the nationalization of the Cerro Negro heavy oil project in 2007.
"We will not recognize any decision by ICSID," Chavez claimed during his Sunday television show.
"Now we are being threatened in ICSID. We should pull out of that ICSID"; Kazinform cites Xinhua.
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