CARACAS, Venezuela (AP) — Venezuela plans to leave the World Bank's international arbitration body and settle disputes with foreign companies within its own judicial system.

Energy Minister Rafael Ramirez says Venezuela will also seek to renegotiate dozens of international investment-related agreements.

Ramirez said Sunday that disputes with foreign companies, including an unsettled disagreement with Exxon Mobil Corp., would be heard by Venezuelan judges — not international forums such as the Washington-based International Centre for Settlement of Investment Disputes, or ICSID.

Venezuela's decision to leave the organization would affect more than a dozen foreign companies that have unsettled disputes with the government.

Maybe the writer didn't read that just because VZ is goung to pull out it doesn't affect current cases and there is a process where companies can still file.

JJ