Tuesday, December 12, 2017

ConocoPhillips, Ecuador to settle World Bank Case

Posted by December 4, 2017

ConocoPhillips and Ecuador agreed to terms of a settlement under an arbitration award in a case where the energy company had been seeking compensation related to confiscation of assets.
 
A World Bank panel in February ordered the South American country to pay $380 million in damages to the oil and gas producer's subsidiary Burlington Resources.
 
ConocoPhillips said it received $75 million on Dec. 1 and would receive $262 million by April 2018.
 
The settlement includes an offset for the decision awarding Ecuador $42 million on its counterclaims, of which Burlington is entitled an additional $24 million, ConocoPhillips (COP) said.
 

Reporting by Ahmed Farhatha 

Related News