Venezuela and ExxonMobil are feuding over the 2007 nationalization of a pipeline . A case is pending before a World Bank global arbitration panel . President Hugo Chavez said ` ` do not recognize any decisions '' of the panel . This time a Paris - based body said Venezuela owes Exxon $ 907 million .
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 . This month a Paris-based body said Venezuela owes Exxon $ 907 million .