ICSID Partially Annuls $1.7 Billion Award For Occidental Companies

Mealey's (November 3, 2015, 11:22 AM EST) -- WASHINGTON, D.C. — An ad hoc Committee for the International Centre for Settlement of Investment Disputes (ICSID) on Nov. 2 partially upheld an application filed by the Republic of Ecuador to annul a $1,769,625,000 award that was issued in favor of two companies in a bilateral investment treaty dispute over an oil exploration and exploitation contract, reducing the amount of damages awarded to the company (Occidental Petroleum Corp., et al. v. The Republic of Ecuador, No. ARB/06/11, ICSID).

(Decision available.  Document #05-151124-010Z.)

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