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World Bank to Reduce Venezuela Payout in Exxon Case

Venezuela has been locked in a legal battle with Exxon Mobil for a decade. (Jason Reed/Reuters)

A World Bank tribunal partially overturned a US$1.6 billion ruling against Venezuela over the nationalisation of Exxon Mobil assets.

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The Secret Agenda Behind the Venezuela-Guyana Conflict

Guyana has approved drilling by Exxon Mobil in the disputed Esquibo region. (Reuters)

Eva Gollinger traces the neocolonial roots of the current Esquibo border dispute, arguing that the US and Exxon Mobil are backing Guyanese annexation of the contested territory in a bid to weaken Venezuela and shore up US influence in the Caribbean.

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US Targets Venezuela Using Border Dispute as Pretext

Map indicating disputed area. (teleSUR)

Draitser argues that Venezuela and Guyana’s despute over the Essequibo region is a new front in the destabilization of Venezuela

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Venezuela to Review Relations with Guyana


The Venezuelan president Nicolas Maduro has temporarily withdrawn his government’s ambassador to neighbouring Guyana following a heated exchange over disputed waters. 


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Oil Provokes Diplomatic Spat Between Venezuela and Guyana

Venezuelan Foreign Minister Delcy Rodriguez responds to the government of Guyana over disputed territory, Caracas, Venezuela Jun

Tensions between Venezuela and Guyana rose this week following a Guyanese statement rejecting Venezuelan claims to a disputed maritime territory where Exxon Mobil has discovered oil. 

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UPDATED: Guyana Warns Venezuela Not to Interfere in Offshore Drilling Project in Disputed Waters

Map of Venezuela, the disputed Essequibo region is the Eastern leg, colored with red and white stripes. The area is considered b

According to Guyanese officials, Venezuelan foreign minister Delcy Rodriguez sent a letter to ExxonMobil’s Guyana office last month to oppose an offshore drilling project, as Venezuela claims jurisdiction over the maritime zone in question.

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Venezuela Declares Victory over Transnational in Response to Exxon-Mobile Settlement Ruling

The International Center for Settlement of Investment Disputes (ICSID) stated that Venezuela's compensation payment to Exxo

On Thursday, The International Center for Settlement of Investment Disputes (ICSID) stated that Venezuela's compensation payment to Exxon Mobile Corp for the 2007 nationalization of the oil company’s holdings in the country should only be 13% of the amount that the transnational company claimed that it was owed. 

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Venezuela's Opec Stand is a Win for Climate Change Campaigners

Environmentalists seem to realize that they have some stake in a fight such as the Ecuador-Chevron lawsuit...But what about fights between multinational oil giants and the governments of oil-producing states over control of resources?

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We Have to Get Out of the ICSID

"We have to get out of ICSID" proclaims Hugo Chavez Frias during ´Hello, President´ on the 8th of January 2012. To understand why, let´s recap. States are sovereign. A state cannot be judged by other states or organisms, because it has jurisdictional immunity, which is inalienable. To hand that over is to loose sovereignty

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Venezuela’s Chavez Returns to Alo Presidente, Will Not Accept World Bank Verdict on Exxon

Exxon is pursuing its case with the World Banks’ ICSID, despite the verdict delivered in Paris last week (archive)

Venezuelan President Hugo Chavez returned to his weekly talk show programme last night, after his cancer diagnosis in June last year caused it to be cancelled for over seven months. On the show Chavez argued that the claim brought by Exxon against Venezuela's PDVSA was "about imperialism".

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