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Venezuela views Exxon compensation award as "reasonable"

Reuters

CARACAS (Reuters) - Venezuela said on Thursday compensation ordered by a World Bank arbitration tribunal in the Exxon Mobil Corp (XOM.N) case was within a "reasonable range" once a previous award is deducted from the roughly $1.6 billion new determination.

Foreign Minister Rafael Ramirez, who until a few weeks ago ran both state oil company PDVSA and the Oil Ministry, said the tribunal's award - lower than what Exxon had been seeking - was a victory for Venezuelan sovereignty over "exaggerated" claims.

(Reporting by Caracas newsroom)