Venezuela has proposed $1 billion compensation for Exxon

Reuters News
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Posted: Sep 21, 2011 6:24 PM
Venezuela has proposed $1 billion compensation for Exxon

CARACAS (Reuters) - Venezuela's energy minister said on Wednesday that the country had proposed paying U.S. oil giant Exxon Mobil Corp. $1 billion in compensation for the nationalization of its assets in 2007.

Energy Minister Rafael Ramirez told Reuters the government of President Hugo Chavez was not negotiating with Exxon Mobil separately from the ongoing arbitration process before New York's International Chamber of Commerce.

(Reporting by Marianna Parraga; Writing by Daniel Wallis; Editing by Bob Burgdorfer)