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Oil & Gas

Occidental in $980m pay out from Ecuador

13/01/2016

Ecuador said it has reached a deal to pay Occidental Petroleum Corp $980million by April to compensate the company after seizing one of its oil fields in the Andean country. The country has managed to negotiate down an arbitration award four years ago from the International Center for Settlement of Investment Disputes requiring it to pay the US-based company $1.77 billion.

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