Back

Andean Group - November 2015 (ISSN 1741-4466)

POLITICS & ECONOMY: Revised Oxy ruling a victory of sorts

“Another attack on our sovereignty!”, President Rafael Correa expostulated on Twitter after the World Bank’s International Centre for Settlement of Investment Disputes (Icsid) ruled on 2 November that Ecuador must pay US$1.06bn plus interest in compensation to Occidental Petroleum (Oxy) for Ecuador’s seizure in May 2006 of an oil block operated by the US oil company. Correa stressed that his government had succeeded in invalidating 40% of Icsid’s 2012 original ruling, and was in talks with Oxy to try and further reduce the size of the payout, which comes at an especially difficult economic juncture for Ecuador with oil prices so low.

End of preview - This article contains approximately 820 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options