Ecuador Agrees To Pay Occidental $1 Billion In Satisfaction Of ICSID Award

(January 20, 2016, 10:42 AM EST) -- HOUSTON — Occidental Petroleum Corp. on Jan. 19 announced that it has reached an agreement for the payment of an arbitration award that was issued by the International Centre for Settlement of Investment Disputes (ICSID) pursuant to which the Republic of Ecuador will pay it approximately $1 billion.

Occidental Petroleum said in a news release that it has reached an agreement with Ecuador in relation to payment of the award that was issued by ICSID on Nov. 2, 2015. The award related to Ecuador’s 2006 expropriation...
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