The International Chamber of Commerce last week ordered the Venezuelan national oil company, Petroleos de Venezuela SA, (PDSVA), to pay Exxon Mobil $750 million for nationalizing Exxon’s operations in 2007. After the ruling, President Hugo Chavez said that he would refuse to recognize any decision in a separate Exxon Mobil suit by the World Bank-affiliated International Center for Settlement of Investment Disputes.
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