Ecuador loses lawsuit brought on by U.S. company, Occidental Petroleum

Posted on October 6, 2012 • Filed under: Business, Ecuador, Oil

The Ecuadorian State must compensate U.S. oil company Occidental (Oxy) to $ 1,769.6 million, plus interest, for having arranged the expiry of his contract for exploitation in the Amazon area six years ago. The International Centre for Settlement of Investment Disputes (ICSID), based in Washington, reported yesterday its final ruling on the lawsuit brought against the multinational Ecuador. The decision was taken in May 2006 during the government of Alfredo Palacio, who alleged that Oxy did not inform the authorities about a transfer of shares to third parties. Read Article

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