Source: Brecorder.com October 7th 2012 QUITO: Ecuador said Saturday it will appeal a ruling declaring it must pay $1.77 billion to Occidental Petroleum as compensation for canceling a contract with the American oil giant. That much money is equivalent to Ecuador’s entire education budget for a year, said President Rafael Correa. The ruling was released Friday …
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Source: Brecorder.com October 07, 2012 The World Bank’s arbitration centre (ICSID) has ordered Ecuador to pay nearly $1.77 billion in damages to US-based Occidental Petroleum for seizing the company’s assets in 2006, but the Andean country said it would appeal the decision. It also ordered Ecuador to pay pre-award interest on the amount at the rate …
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Source: Thetyee.ca Toronto-based authority urges PM to halt ratification, laying out numerous ‘deep’ concerns. By Gus Van Harten, 16 Oct 2012, TheTyee.ca The Canada-China Foreign Investment Promotion and Protection Agreement (FIPA) has profound implications for Canadian labour law, environmental regulations and democratic standards. If enacted by Nov. 1, the trade promotion deal will give unprecedented powers to China’s …
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Source: Miningweekly.com By: Henry Lazenby 23rd October 2012 TORONTO (miningweekly.com) – TSX-listed South American Silver (SAS) on Tuesday said it had notified the Plurinational State of Bolivia of an investment dispute, after the company’s subsidiaries had lost its mineral tenements. The company’s announcement sent its shares racing up 32.53% or 27 Canadian cents on a day …
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October, 2012 By Aldo Orellana López, for NJGI In recent weeks Ecuadorian authorities and civil society have been hit with a worrying piece of news. The Ecuadorian state has been ordered to pay $ 1.7 billion plus interest to the U.S. Company Occidental Petroleum Corporation (Oxy) for having canceled its operating contract in 2006. The …
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