Ecuador will pay the Oxy debt in six installments

The agreement for the payment of a compensation the Ecuadorian State achieved with the US oil company Occidental, requires a disbursement of $ 980 million in six monthly installments.

This was revealed by the State Attorney General, Diego Garcia, in an interview with the Ecuavisa network.

Of $ 1,400 million Ecuador should pay to OXY, a reduction of 17.2% was achieved and $ 100 million were paid in cash on December 1st.

The disbursement of the remaining 980 million will have the following schedule: $ 100 million on January 15; $ 100 million on January 31; $ 200 million on February 29; $ 300 million on March 31; and 180 million on April 29.

In addition, to the payment of additional 180 million, there will be an offset of accounts because Ecuador will assume OXY liabilities in the country. The pending labor and tax debts implies that the State pays the former employees of the oil company.

Source: http://expreso.ec/expreso/plantillas/nota.aspx?idart=8813264&idcat=38229&tipo=2