Attorney General’s Office Asked Oxy ruling to be annulled

Attorney Diego Garcia

The Attorney General’s Office prepares the argument for the nullity of the arbitral award issued on October 5, which obliges the Ecuadorian government to pay $ 1.77 billion (plus interest) to the U.S. oil company Oxy, due to the expiration of the contract.

According to the International Centre for Settlement of Investment Disputes (ICSID), the nullity of a judgment must be ordered up to 120 days after the issue of the award.

Attorney Diego Garcia, said that the resolution on the nullification could take between one and two years, and there is no estimate of the amount of interest that will accumulate while the request is resolved at ICSID.

(BG)