Venezuela and ExxonMobil are feuding over the 2007 nationalization of a project . A case is pending before a World Bank dispute arbitration body . President Hugo Chavez Venezuela `` will not recognize any decisions '' of the panel . Caracas , Venezuela ( CNN ) -- When the World Bank 's arbitration body weighs in on a dispute between Venezuela and ExxonMobil The country has been in arrears for more than two years, with no end to its financial woes expected until at least next year.
Venezuela and ExxonMobil are feuding over the 2007 nationalization of a project . A case is pending before a World Bank dispute arbitration body . President Hugo Chavez Venezuela `` will not recognize any decisions '' of the panel . The country has been in arrears for more than two years, with no end to its financial woes expected until at least next year.