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Ecuador-Occidental Arbitration Award Reduced to $1B

A World Bank tribunal reduced to about $1 billion the amount Ecuador must pay Occidental Petroleum Corp. in compensation for seizing the U.S.-based company's assets, in a decision made public on Monday. In 2012, the International Center for Settlement of Investment Disputes awarded Occidental $1.77 billion. The award was cut by 40 percent to reflect the fact that Occidental in 2006 had sold the field to China's Andes Petroleum for $400 million. "The Committee has found...

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