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Ecuador to pay USD 337 million to Burlington Resources

Gasoil News - Published on Thu, 07 Dec 2017

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AP reported that Ecuador has agreed to pay USD 337 million to ConocoPhillips-subsidiary Burlington Resources five years after a ruling that the South American nation illegally expropriated valuable oil assets. The Houston-based oil company announced the agreement.

A World Bank Group tribunal ruled in December 2012 that Ecuador violated a bilateral investment treaty by expropriating significant oil investments. The panel awarded Burlington USD 380 million in damages earlier this year and determined Ecuador was entitled to USD 42 million for environmental harm that came as a result of the oil operations.

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Posted By : Rabi Wangkhem on Thu, 07 Dec 2017
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