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Oil Field Seizure Threatens to Haunt Ecuador Nine Years Later – Bloomberg

When Ecuador seized Occidental Petroleum Corp.’s oil fields in 2006, crude was at a record high. Now, the OPEC nation may be forced to pay the price at a time when it can least afford it. President Rafael Correa said Oct. 8 that he expects the World Bank to make a final decision by the end of the month on the country’s appeal of a ruling ordering the Andean nation to pay Occidental more than $1.77 billion for the takeover. Read more>>

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When Ecuador seized Occidental Petroleum Corp.’s oil fields in 2006, crude was at a record high. Now, the OPEC nation may be forced to pay the price at a time when it can least afford it. President Rafael Correa said Oct. 8 that he expects the World Bank to make a final decision by the end of the month on the country’s appeal of a ruling ordering the Andean nation to pay Occidental more than $1.77 billion for the takeover. Read more>>

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