Weekly Report - 14 September 2004

ECUADOR | Occidental risks contract annulment. Occidental Petroleum, which recently sued successfully in a British court for the reimbursement of some US$75m in value-added tax payments, now risks seeing its contract voided as a result of a breach of terms. The energy ministry is pressing the suit because Occidental transferred to the Canadian firm EnCana, without notifying the government, 40% of its stake in an exploration block. The public prosecution service says Occidental has committed 34 breaches since its contract was signed in 1999. The company, officials say, has admitted the breaches but denied intent.

End of preview - This article contains approximately 317 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial