El Universal reported that state run oil company Petroleos de Venezuela or Pdvsa will only pay USD 255 million to Exxon Mobil in a dispute over compensation for the nationalization of the assets of the US oil company in the Orinoco Oil Belt.

The International Chamber of Commerce decided to award USD 908 million to the US oil giant.

Pdvsa vowed to pay USD 255 million in 60 days. It explained that the payment of the USD 255 million was the result of deducting debts owed by Exxon to Pdvsa, including USD 191 million that Exxon Mobil owes to Pdvsa for the outstanding balance of bonds to finance the Cerro Negro oil project; USD 300 million that Exxon Mobil requested to freeze from Pdvsa's accounts in New York during the legal actions filed in 2007 and USD 160 million of counterclaims that the ICC court credited to Pdvsa. The debt will be paid over the next 60 days.

(Sourced from www.eluniversal.com)