International Court Claims Against Ecuador, About $4,658 Million

According to ElComercio.com eight legal proceedings against Ecuador are pending in the international courts. Claims against Ecuador are reportedly about $4,658 million, which only take into account five of the eight cases where damages have been quantified. Most of the lawsuits are from oil companies, while two of the lawsuits come from the companies Global Net and Ulysseas Inc. for communication concessions and changes to contract. The oil company Occidental is demanding the largest concessions from Ecuador, $3,300 million, for the termination of their contract in 2006 that forced the company to vacate block 15. Other oil companies seeking damages are Perenco, Burlington, Murphy and Chevron. Meanwhile, justice officials report that four companies, Quiport, Repsol, Andes Petroleum and Petroriental, both from China, have abandoned their claims against Ecuador. All four companies withdrew their lawsuits after signing new contract with the state, officials add.Read Article