Exxon Seeks Arbitration Over Venezuela Dispute

Law360, New York (September 13, 2007, 12:00 AM EDT) -- Putting up its dukes in Venezuela, oil giant Exxon Mobil Corp. revealed Wednesday that it is seeking to enter arbitration in the wake of a stand-off with the South American country over the forced nationalization of the company's oil assets.

The Texas-based company said that on Sept. 6, it had requested arbitration with the International Centre for Settlement of Investment Disputes, a group close to the World Bank, after running into trouble negotiating with Venezuelan President Hugo Chavez.

The company's 41.7% stake in the Cerro Negro...
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