The World Bank's international arbitration panel has temporarily suspended enforcement of an order that Venezuela pay Exxon Mobil Corp $1.6 billion (0.99 billion pounds) in compensation for oil projects nationalised in 2007. The International Centre for Settlement of Investment Disputes (ICSID) said it had received a request from the Venezuelan government for a revision of the award, which was announced Oct. 9. "The Secretary-General registers an application for revision of the award filed by the Bolivarian Republic of Venezuela, and notifies the parties of the provisional stay of enforcement of the award," according to an ICSID statement dated Oct. 24. The case comes at a delicate time for Venezuela's finances, with the economy apparently entering recession - though official data has been suppressed - and multi-billion bond payments due.
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