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Exxon Mobil (NYSE:XOM) for the first time has registered arbitration awards against Venezuela with a U.S. federal court that soon plans an auction of shares in Venezuela-owned oil refiner Citgo Petroleum, Reuters reported Monday.
Exxon’s (XOM) Cerro Negro and La Ceiba oil projects were expropriated by Venezuela in 2007, which led to lengthy international arbitration cases.
The company had not previously participated in the case brought by miner Crystallex, which has drawn at least a dozen other companies seeking to attach their claims; Monday was the deadline to notify the court about claims to be considered.
Exxon (XOM) listed three awards it has won since 2007 – $179M for La Ceiba, $1.4B for Cerro Negro and another $9M for production and export curtailments at Cerro Negro; part of the claims have been paid over time.
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