CARACAS (Reuters) - Venezuela considers a World Bank arbitration tribunal’s award “manageable” and will pay Exxon Mobil Corp for the 2007 nationalization of its oil projects from November, a source at state oil company PDVSA [PDVSA.UL] said on Thursday.
Earlier, the Centre for Settlement of Investment Disputes (ICSID) ordered Venezuela to pay Exxon around $1.6 billion.
The PDVSA company official, who is familiar with the case, told Reuters the OPEC country will not seek to annul the award because it expects the final amount to be around $1 billion after a previous award by the Paris-based International Chamber of Commerce (ICC) is deducted.
“The award is a triumph, without doubt,” said the source, adding PDVSA would pay as of November, after servicing its roughly $3 billion 2014 bond. The source asked not to be identified because he is not authorized to speak publicly.
Reporting by Corina Pons; Writing by Alexandra Ulmer