Chinese Oil Co. Subsidiary Gets $558M From Occidental Deal
By Victoria McKenzie (December 3, 2021, 8:58 PM EST) -- A New York federal judge has ordered Occidental Petroleum Co. to pay over $588 million to the subsidiary of a Chinese state-owned oil company for its share of a $1 billion settlement with Ecuador over an expropriated oil field.
U.S. District Judge Alvin K. Hellerstein signed off Thursday on an order proposed by China National Petroleum Corp.'s Andes Petroleum Ecuador Ltd., two weeks after Occidental lost its bid to vacate the award on the grounds of an arbitrator's alleged partiality.
The judgment includes the $392 million award issued this year by the International Centre for Dispute Resolution, plus $166 million in prejudgment...
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