Occidental: International Court Awards Company $1.77 Billion in Case Against Ecuador

Occidental: International Court Awards Company $1.77 Billion in Case Against Ecuador by Alison Sider and Mercedes Alvaro, October 5, 2012, 4-traders
Melissa Schoeb, a spokeswoman for the company, said in an email Friday the World Bank’s International Centre for Settlement of Investment Disputes ruled Ecuador’s government illegally nullified Occidental’s exploration and production rights in violation of the U.S.-Ecuador Bilateral Investment Treaty. Ecuador cancelled the company’s operating contract in May 2006, alleging Occidental broke the terms of its contract by transferring a 40% stake to Encana Corp. (…) without obtaining approval from the country’s energy ministry.