CARACAS (Reuters) - A World Bank arbitration tribunal has determined Venezuela must pay Exxon Mobil Corp around $1.6 billion to compensate for a 2007 nationalization, the award posted on the International Chamber of Commerce website Thursday showed.
A separate decision by the Paris-based ICSID in 2012 ordered Venezuela state oil company PDVSA pay Exxon $908 million.
The parties have agreed there will not be double compensation for the nationalization.
The ICSID award said Exxon is willing to make the required reimbursement to PDVSA to avoid "double recovery."
(Reporting by Alexandra Ulmer and Corina Pons; Editing by Diane Craft)
