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Exxon in negotiations with Chad over record $74 billion fine - Bloomberg

(Reuters) - Exxon Mobil Corp (XOM.N) is negotiating with Chad over a record $74 billion fine the U.S. oil company was told to pay by a court in the central African nation over unpaid royalties, Bloomberg reported on Tuesday.

Exxon has appealed the Oct. 5 court ruling, but the appeals court hearing has been delayed because of the talks, Bloomberg reported, citing a lawyer for Exxon. (http://bloom.bg/2fRpf5n)

Exxon declined to comment.

The court decision fined a consortium led by Exxon over 44 trillion CFA francs ($73.44 billion) - nearly four times BP's Deepwater Horizon settlement and roughly seven times Chad's annual gross domestic product.

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The consortium, which includes Malaysian state oil firm Petronas (PETRA.UL) and Chadian oil company SNT, were found to owe the country nearly 484 billion CFA francs ($808 million) in royalties, according to the court judgement.

It did not explain why the penalty amounted to more than 90 times that amount.

The unpaid royalties stem from a dispute over fees, sources in the Chadian Finance Ministry have told Reuters. The Finance Ministry, they said, is seeking a 2 percent royalty fee from the consortium, a rate the defendants have said is higher than the agreed level.

Petronas and SNT could not immediately be reached for comment.

($1 = 599.1400 CFA francs)

(Reporting by Vishaka George in Bengaluru and Ernest Scheyder in Houston; Editing by Sai Sachin Ravikumar and Sandra Maler)