Ecuador will seek to negotiate a "payment plan" for a $374.3 million award it owes to French oil company Perenco, the country's solicitor general said on Wednesday, citing the South American country's recession and tight finances.
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Ecuador's government said on Tuesday it would pay $374 million granted to French oil company Perenco by an arbitration tribunal related to a dispute over a 2007 decree that reserved "extraordinary income" from oil operations for the state.
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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.