CARACAS, (Reuters) – Venezuela said yesterday a  preliminary court ruling signaled Exxon Mobil Corp will not win  its full compensation claim of $10 billion after President Hugo  Chavez nationalized its oil projects in 2007.

Oil Minister Rafael Ramirez said the decision by the World  Bank’s International Center for Settlement on Investment  Disputes set a shorter time period for compensation than the  U.S. oil giant had requested.

“Venezuela sees this ruling as favorable, although we are  conscious that this is not the end of the judicial process,”  Ramirez told a news conference.

An Exxon Mobil spokesman said it remained willing to talk  directly with the government about compensation, while  continuing arbitration proceedings. The company’s stock fell  0.05 percent to $61.86 yesterday.

Chavez’s socialist government took control of the country’s  most lucrative oil fields from foreign companies in a push for  state-run industry in 2007 that also took in telecommunications  and power firms, farms and parts of the finance sector.