Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • Nikkei

    40,168.07
    -594.66 (-1.46%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Bitcoin USD

    70,921.81
    +2,347.55 (+3.42%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,253.67
    +5.18 (+0.10%)
     
  • Dow

    39,789.01
    +28.93 (+0.07%)
     
  • Nasdaq

    16,382.40
    -17.12 (-0.10%)
     
  • Gold

    2,242.50
    +29.80 (+1.35%)
     
  • Crude Oil

    83.02
    +1.67 (+2.05%)
     
  • 10-Yr Bond

    4.2020
    +0.0060 (+0.14%)
     
  • FTSE Bursa Malaysia

    1,530.60
    -7.82 (-0.51%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

Venezuela failed to provide fair compensation for assets: Exxon

HOUSTON (Reuters) - A World Bank arbitration decision that Venezuela must pay Exxon Mobil Corp (XOM.N) about $1.6 billion shows that the country "failed to provide fair compensation" for oil assets nationalized in 2007, Exxon said in a statement on Thursday.

"Exxon Mobil recognizes the sovereignty of all nations and, while clearly not a desirable outcome, accepts Venezuela's legal right to expropriate the assets of our affiliates subject to compensation at fair market value," said the Irving, Texas-based company.

Exxon, the world's largest publicly traded oil company, said it held extensive discussions with Venezuela's state-run oil company PDVSA and the government but was unable to reach agreement on fair compensation.

(Reporting by Anna Driver and Marianna Parraga in Houston; Editing by Richard Chang)