A World Bank arbitration panel has determined that Venezuela will not have to pay $1.4 billion to ExxonMobil for confiscating company assets during a wave of nationalizations.

ExxonMobil asked the bank's investment dispute panel for $12 billion for the seizure of its Cerro Negro facilities in the Orinoco Basin under then-President Hugo Chavez. The panel awarded $1.4 billion, a decision that was appealed by Venezuela.

