QUITO, Ecuador (AP) — 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.
The World Bank's International Center for Settlement of Investment Disputes says on its website that it found Ecuador did give "fair and equitable treatment" to Occidental.
Ecuador's president calls Friday's 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.
Suspect in Custody After Shooting at Colorado Springs Planned Parenthood UPDATE: Three People Have Died, Shooter Identified | Christine Rousselle
Active Shooter Near Planned Parenthood Location in Colorado UPDATE: Suspect Has Surrendered to Police | Christine Rousselle
S.C. Woman Outdraws, Outshoots, And Kills CraigsList Robber - Bearing Arms - Guns Saving Lives, South Carolina
'More white Christian terrorism?' Tweeters profile perp in reported Planned Parenthood shooting
- What Is Your U.S. Income Percentile Ranking?
Millennials’ New American Dream | Human Events
Reports: Active shooter barricaded in Colorado Springs Planned Parenthood, firing at cops; Update: Cops confronting shooter inside the building
The Myth of "4 Million Conservative Voters Stayed Home in 2012" | RedState
John Hawkins - 15 Excerpts That Show How Radical, Weird And Out of Touch College Campuses Have Become