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.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news “By Your Side”: IDBank's new support program for displaced Artsakh citizens  IDBank is launching a long-term social support program for forcibly displaced Artsakh residents.The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization.Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia.Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. |
