Conoco Phillips wins $380 million dollar judgment against Ecuador

Posted on February 9, 2017 • Filed under: Business, Ecuador, Oil

seekingalpha.com/By: Carl Surran, SA News Editor

A ConocoPhillips (NYSE:COP) subsidiary wins a $380M judgment against Ecuador by a World Bank panel for the unlawful 2009 seizure of rights the company held to oil and gas land in the Amazon rainforest.

Ecuador had said that the consortium abandoned the area illegally in a dispute over taxes, while the companies argued that the government expropriated their assets.

However, the tribunal says Ecuador is entitled to $42M for limited environmental and infrastructure impacts from operations in the country. Read Article

THINKING OF MOVING TO ECUADOR – THIS IS ONE BOOK THAT IS A MUST READ

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