Ecuador ordered to pay Oxy $1.77 billion

摘要

Quito, Ecuador—After Ecuador declared its contract void and took over Occidental Petro- leum’s assets in the South American country, it took Oxy just six weeks to sue. But the company needed six years to win the case. The International Center for Settlement of Investment Disputes (ICSID) on October 5 made public in a 327-page ruling that it ordered Ecuador to pay Oxy $1.77 billion in damages, plus interest at 4.18% from the date of the asset seizure in May 2006 and the US 6-month LIBOR rate from the date of the damage award, compounded monthly.