A Bahamian oil company has asked a D.C. federal court to enforce an entire $393 million arbitral award against Ecuador, arguing the country's attempts to chisel down the award through tax claims is a dubious and inappropriate strategy.
A Bahamian oil company's $393 million arbitral award against Ecuador should be offset by the amount of taxes the business owes, the Ecuadorian government told a D.C. federal court, arguing that there aren't other ways to realistically recover the debt.
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Oil Co. Reaches Deal With Ecuador Over $412M Award
Law360 (July 28, 2021, 7:43 PM EDT) A D.C. federal judge has approved a Bahamian oil company s bid to let it enforce a $412 million arbitral award against Ecuador after the parties reached a deal on the amount of interest owed in a dispute over profits from two oil blocks in the Amazon.
Chief Judge Beryl A. Howell in a minute order on Wednesday granted Perenco Ecuador Ltd. s motion to lift a stay of proceedings in its long-running dispute with the Republic of Ecuador, which said the two sides have finally reached an agreement on the amount of interest owed after an International Centre for Settlement of Investment.
Ecuador defaults on debt to Perenco oilfieldtechnology.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from oilfieldtechnology.com Daily Mail and Mail on Sunday newspapers.
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Ecuador Gets Nearly $36M Trimmed From Oil Profits Award
Law360 (June 1, 2021, 9:47 PM EDT) An international committee has shaved off some $35.6 million from a $448.82 million arbitral award issued to a Bahamian oil company in a long-running dispute with Ecuador over the allocation of profits from two oil blocks in the Amazon, saying there was a lack of reasoning.
The International Centre for Settlement of Investment Disputes annulment committee concluded in its decision Friday that the tribunal that issued the award hadn t properly explained why Perenco Ecuador Ltd. was owed $25 million in compensation for a loss of opportunity after its contract to operate one of the two oil blocks in question was terminated, since.