WB body rules Ecuador owes $1.8bn to Occidental October 6, 2012 - 10:04 AMT PanARMENIAN.Net - An international arbitration body has ruled Ecuador should pay $1.769 billion to Occidental Petroleum Corp. for revoking the U.S. company's operating concession in 2006, AP reports. The World Bank's International Center for Settlement of Investment Disputes said that it found Ecuador did give "fair and equitable treatment" to Occidental. Ecuador's president calls the judgment "unacceptable." President Rafael Correa says his government will appeal and seek the annulment of the damage award. Occidental filed a claim alleging its property was confiscated illegally when Ecuador canceled its operating contract in May 2006. The company was pumping about 100,000 barrels of crude a day, or 20 percent of Ecuador's output. Ecuador accused Occidental of illegally selling 40 percent of its concession to EnCana Corp. of Canada without the Energy Ministry's authorization. Partner news  Top stories “It’s a pity that instead of operating flights, airplanes with Armenian flags stand idle under the sun,” Ghazaryan said. The issue was discussed by Gazprom chief Alexey Miller and Armenian Minister of Energy and Natural Resources Armen Movsisyan. On Feb 23, 2012, Yerevan Jur CJSC issued application for decreasing water prices from current AMD 174,059 to AMD 166,044 per cubic meter. Finance Minister David Sargsyan met with the regional director of KfW German Development Bank Lars Oermann.   Partner news |  Latest news UN chief hails China's peacekeeping efforts  Ban said China has provided more peacekeepers than all the other four permanent members of the UN Security Council.Iran's Guardian Council approves presidential election result Hassan Rouhani won the election by taking nearly 51% of votes. Since he won more than half, that eliminated the need for a runoff.Friends of Syria to meet in Doha on June 22: French official Assad's forces aim to retake Aleppo, where they have been mired in a bloody stalemate with rebels for nearly a year.Parliament approves amendments to law on minimum wage rate Besides, new scale of salaries will be introduced, according to which the minimum wage rate will be doubled by 2017. |
