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Ecuador Political News

Chinese-Owned Oil Co. Seeks Its Share Of $1B Ecuador Deal

The Ecuadorian Flag

An oil company with ties to the Chinese government can seek its share of a nearly $1 billion settlement Ecuador agreed to pay to a subsidiary of Occidental Petroleum Corp. after shutting down a project to explore for oil deep in the country’s rainforest, an international tribunal has ruled.

Andes Petroleum Ecuador Ltd. filed a petition in New York federal court Monday to enforce the approximately $392 million award against Occidental Exploration and Production Co., which it won in March after an International Centre for Dispute Resolution tribunal concluded that the the Texas-based company had breached a provision of a 2006 deal the companies inked after it became apparent that the project was likely to be terminated.

The pact obligated Occidental to pay Andes Petroleum 40% of any amount it received in the resulting dispute with Ecuador. Occidental subsequently initiated arbitration against the country, winning some $1.77 billion in 2012 that was later reduced to $1.06 billion. Ecuador settled the dispute in 2016, agreeing to pay nearly $980 million.

To read the full story on Law 360, click here.



#Factsmatter: An international arbitration panel found ‘no cogent evidence’ supporting #Ecuador’s claim that #Texaco failed to comply with terms of remediation in #Amazon.
The @WSJ sums this case up nicely, “[Steven Donziger] and his team fabricated evidence, promised $500,000 to an #Ecuadorean judge to rule in their favor, ghostwrote much of the final verdict and took other actions that ‘perverted’ the course of #justice. Mr. Donziger disputes the…
Shameless. Disbarred and convicted of criminal contempt of court for bribing an Ecuadorian judge in an attempted extortion scheme, @SDonziger is nonetheless accepting invitations to speak at #climate rallies. Read more about this adjudicated racketeer:
Sworn testimony: While Texaco met its environmental obligations in the Amazon, #Ecuador’s national oil company did “absolutely nothing” to address its own remediation in the area. #FactsMatter:
DENIED: @SCOTUS rejects hearing case of Steven Donziger, who bribed Ecuadorian judge in failed effort to bilk Chevron for billions of dollars.

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