first_imgOccidental filed a claim alleging its property was confiscated illegally when Ecuador canceled its operating contract in May 2006. The company was pumping about 100,000 barrels of crude a day, or 20 percent of Ecuador’s output.Ecuador accused Occidental of illegally selling 40 percent of its concession to EnCana Corp. of Canada without the Energy Ministry’s authorization.(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.) 0 Comments   Share   Bottoms up! Enjoy a cold one for International Beer Day Patients with chronic pain give advice QUITO, Ecuador (AP) – An international arbitration body has ruled Ecuador should pay $1.769 billion to Occidental Petroleum Corp. for revoking the U.S. company’s operating concession in 2006.The World Bank’s International Center for Settlement of Investment Disputes says on its website that it found Ecuador did give “fair and equitable treatment” to Occidental.Ecuador’s president calls Friday’s judgment “unacceptable.” President Rafael Correa says his government will appeal and seek the annulment of the damage award. Top Stories Sponsored Stories center_img Construction begins on Chandler hospital expansion project Mary Coyle ice cream to reopen in central Phoenix Former Arizona Rep. Don Shooter shows health improvement 5 greatest Kentucky Derby finishes How Arizona is preparing the leader of the next generationlast_img

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