U.S. Supreme Court Takes Up Exxon vs. Cuba Dispute Over $70M in Nationalized Assets
The U.S. Supreme Court has agreed to hear a long-standing dispute between oil giant Exxon and Cuban state-owned companies. The case, Exxon v. Corporación Cimex, involves a compensation claim dating back to 1960 when Cuba nationalised Exxon's assets.
Exxon is seeking clarification on whether it can pursue compensation from Corporación Cimex, a Cuban state-owned holding company. The case was granted by the Supreme Court ahead of its new term, which began in October 2023. Exxon alleges that Cuba has not provided compensation for oil and gas assets worth $70 million that were seized in 1960. The dispute has been ongoing for decades and will now be taken up during the Supreme Court's nine-month session.
The parties involved in the case are Exxon and three Cuban state companies: Corporación Cimex, S.A. (Cuba), Corporación Cimex, S.A. (Panama), and Unión Cuba-Petróleo.
The Supreme Court's decision to hear the case brings a decades-old conflict between Exxon and Cuba to the forefront. The outcome could have significant implications for future compensation claims involving nationalised assets.
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