ExxonMobil sought arbitration over a dispute with Venezuela about the takeover of its oil assets in 2008 after a legal battle was started over compensation for the nationalization of a jointly-owned, heavy oil project in Venezuela's Orinoco basin in 2007.
Results
In 2008, Venezuela began rerouting its oil to China instead of to a United States refinery owned by ExxonMobil. The decision came after ExxonMobil stopped ordering crude oil for a New Orleans refinery due to the aforementioned legal wrangling between the oil company and Petroleos de Venezuela.Petroleos de Venezuela agreed to meet existing contracts with ExxonMobil.c
References
Fast Facts
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Fact:
Dispute revolves around the amount of compensation Exxon wants for the 41.7 percent stake in the Orinoco Belt oil field - worth an estimated $750 million
