Occidental Wins $2B Award Against Ecuador In Contract Row

Law360, New York (October 5, 2012, 12:00 AM EDT) -- An international arbitration panel on Friday handed a $1.77 billion award to Los Angeles-based energy giant Occidental Petroleum Corp. in its breach of contract dispute with the Republic of Ecuador over a terminated agreement for exploration in the Ecuadorean Amazon.

The International Center for the Settlement of Investment Disputes said Ecuador had breached its contract and violated the terms of a bilateral treaty with the U.S. when an Ecuadorean ministry terminated its contract with an Occidental unit due to disagreements about Occidental’s implementation of its rights...
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