US$1.77 billion award in Occidental dispute (ICSID) | Practical Law

US$1.77 billion award in Occidental dispute (ICSID) | Practical Law

In Occidental Petroleum Corporation and another v Ecuador (ICSID Case No ARB/06/11), a split tribunal determined that Ecuador had breached the US-Ecuador bilateral investment treaty (BIT) and awarded damages of US$1.77 billion, thought to be the largest ever ICSID award.

US$1.77 billion award in Occidental dispute (ICSID)

Practical Law UK Legal Update 7-521-7802 (Approx. 3 pages)

US$1.77 billion award in Occidental dispute (ICSID)

by PLC Arbitration
Published on 10 Oct 2012 • International, USA (National/Federal)
In Occidental Petroleum Corporation and another v Ecuador (ICSID Case No ARB/06/11), a split tribunal determined that Ecuador had breached the US-Ecuador bilateral investment treaty (BIT) and awarded damages of US$1.77 billion, thought to be the largest ever ICSID award.