Exxon Slashes Claim Against Venezuela By $5B: Report

Law360, New York (October 21, 2010, 4:24 PM EDT) -- Exxon Mobil Corp. has reportedly cut $5 billion from a pending compensation claim against Venezuela's state-run oil company Petroleos de Venezuela SA over the nationalization of assets belonging to the U.S. energy company.

The U.S. oil giant has reduced its claim against PDVSA from $12 billion to $7 billion, Reuters reported Thursday, citing a PDVSA disclosure document related to a bond issue obtained by the newswire.

Exxon has been locked in international legal proceedings seeking compensation for assets nationalized by Venezuela. The matter is currently before...
To view the full article, register now.