Occidental Awarded $1.77 Billion in Ecuador Contract Dispute
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A World Bank arbitration panel ordered Ecuador to pay Occidental Petroleum Corp., the largest onshore crude producer in the continental U.S., $1.77 billion to settle a contract dispute.
The International Centre for Settlement of Investment Disputes, known as ICSID, said Ecuador breached Los Angeles-based Occidental’s contract by failing “to accord fair and equitable treatment,” according to a document on ICSID’s website. Ecuador’s Attorney General Diego Garcia said today the South American country “categorically rejects” the decision and may seek its annulment, according to an e-mailed statement.