Ecuador, Occidental Prepare For Final Hearing At ICSID

Date : 04/11/2012 @ 3:39PM
Source : Dow Jones News
Stock : Occidental Petroleum Corp. (OXY)
Quote : 60.89  0.0 (0.00%) @ 4:00AM

Ecuador, Occidental Prepare For Final Hearing At ICSID

Occidental Pet (NYSE:OXY)
Historical Stock Chart

5 Years : From Jul 2012 to Jul 2017

Click Here for more Occidental Pet Charts.

The final hearing in the $3.2 billion arbitration case filed against Ecuador by U.S. oil company Occidental Petroleum Corp. (OXY) will be held Thursday, in London, Ecuador's attorney general said Wednesday.

Occidental filed the lawsuit for damages for Ecuador's May 2006 decision to cancel the company's operating contract. Ecuador alleged that Occidental broke several of its terms by transferring a 40% stake in its Ecuadorian projects to Canada's Encana Corp. (ECA, ECA.T) without the approval of Ecuador's Energy Ministry.

In a press release, Attorney General Diego Garcia said Ecuador hopes the court will reject the company's lawsuit.

Occidental filed the claim with the World Bank's International Centre for Settlement of Investment Disputes, or ICSID, in July 2006.

Occidental has said that the Ecuadorian government violated the U.S.-Ecuador bilateral investment treaty by illegally nullifying its exploration rights and by expropriating its assets.

The Ecuadorian government, meanwhile, said it has followed the law and all contracts with the U.S company.

-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653; mercedes.alvaro@dowjones.com

Latest OXY Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.