Ecuador secures furhter discount in compensation owed to Occidenal Petroleum

upstreamonline.com reported the government of Ecuador has reportedly secured a further discount of at least 18% on compensation required by a World Bank tribunal for seizing Occidental Petroleum’s assets. In 2012, the International Center for Settlement of Investment Disputes (ICSID) awarded Occidental $1.77 billion.

An ICSID tribunal then cut the award by 40% in November and ongoing negotiations appear to have reduced that amount by a further 18%
“We are negotiating very hard and have obtained a discount of at least 18% of the payment. This may increase,” Ecuador’s President Rafael Correa was quoted as saying by Reuters, adding that talks were ongoing. Read Article

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