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Ecuador to pay OXY $1bn

Ecuador to pay OXY $1bn

BRASILIA: Ecuador is to make a US$1 billion payment to US oil giant Occidental Petroleum (OXY) by April, in keeping with a decision from a World Bank arbitration panel, Ecuadorean President Rafael Correa said here the other day.

The International Center for Settlement of Investment Disputes initially ordered Ecuador to pay the company US$1.77 billion plus interest in the 2012 ruling.

Correa said his government had managed to negotiate the sum down significantly, first to US$1.4 billion, then eventually somewhat lower.