An international arbitration body has awarded Exxon Mobil Corp. nearly $908 million in a dispute with Venezuela over compensation for the nationalization of its assets, the company said Sunday.

Exxon Mobil sought arbitration after President Hugo Chavez’s government nationalized an oil project in the country in 2007.

The decision by the International Chamber of Commerce confirmed that state oil company Petroleos de Venezuela SA “does have a contractual liability to Exxon Mobil,” company spokesman Patrick McGinn said in an email. He said the award is for $907,588,000.

Read the whole story at Associated Press

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