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About 740 million have been paid to Oxy
Posted On 07 May 2016
Coordinator Minister of Economic Policy Patricio Rivera, said Thursday that so far USD 740 million have been paid to the Oxy oil company, of the approximately USD 1 000 million that are owed. The rest of the obligation will be canceled in the next two months, the official said. “We have already paid about USD 740 million. There is an established schedule and it will take about two months to pay the full amount,” according to Rivera.
The total amount paid to the oil company was USD 980 million after the conviction of an arbitral tribunal of the Center for Settlement of Investment Disputes of the World Bank, since in 2006 Ecuador declared the expiration of the contract of the oil company in block 15 and the unified Eden Yuturi and Limoncocha fields (I).
