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Petróleo en Latinoamerica -
Ecuador
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Miércoles, 04 de Noviembre de 2009 01:00 |
Ecuador prepares for new hearings in Occidental case
Dow Jones | October 29, 2009
Ecuador prepares for new hearings in Occidental case
By Mercedes Alvaro
QUITO -(Dow Jones)- A team of lawyers will represent Ecuador in Paris
in next week’s hearing in the arbitration case filed against the Andean
country by U.S. oil company Occidental Petroleum Corp. (OXY).
Ecuador’s Office of the Solicitor said Thursday the hearings will take
place between Nov. 3-7.
Occidental filed the claim with the World Bank’s International Centre
for Settlement of Investment Disputes, or ICSID, in July 2006.
Occidental is seeking $3.2 billion in damages for Ecuador’s May 2006
decision to cancel the company’s operating contract, alleging
Occidental broke several of its terms by transferring a 40% stake in
its Ecuadorian projects to Canada’s EnCana Corp. (ECA) without Energy
Ministry approval.
After its contract was canceled, Occidental asked the ICSID to return
control of its operations, assets and investments in Ecuador, saying
the Ecuadorian government violated the U.S.-Ecuador bilateral
investment treaty by illegally nullifying its exploration rights and
expropriating its assets.
Last year Occidental increased the damage claim from $1 billion to $3.2
billion.
The government has said the World’s Bank’s arbitration court may rule
early next year.
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