OWS and their giant octopus seen nodding in approval.

(IBT) — The U.S. oil giant was awarded $907.6 million by the ICC, $747 million of which remained to be paid out, but in Chavez’s announcement, the compensation amount was lowered further to $250 million, according to a briefing on state-run oil company PDVSA’s website. The ruling was made after ExxonMobil seeked an arbitration with the international business body to cover its loses in Venezuela.

Chavez went on to announce that his government will not recognize any ruling by the World Bank’s International Center for Settlement of Investment Disputes, in which ExxonMobil is hoping to collect upward of $12 billion — what the company thinks it’s owed in damages after the country nationalized its assets — in a pending arbitration case.

“We will not recognize any ICSID decisions. They are trying the impossible: to get us to pay them,” Chavez said in the statement. “We will not bow down to imperialism and its tentacles.”

In 2007, Chavez nationalized oil assets in the Orinoco River Basin, a policy that Fedel Gheit, an analyst with Oppenheimer, said essentially shoots Chavez in the foot.

Venezuela is essentially robbing itself of possible billions in dividends that ExxonMobil would have paid to the country over the lifespan of the oil field, Gheit said. As a corporation established over a century ago, Gheit remarked, ExxonMobil has a track record of outlasting adversarial regimes.