World

 

Bolivia

Peru

Trinidad &
Tobago

Venezuela






Very usefull links



Institutional
links

 




Services
& Products



Welcome back on
26 -29 August,
ONS 2008

Bridging the energy gap
is ONS 2006 theme,
from 22-25 August,
in Stavanger, Norway


Petroleumworld
Business
Partners
:





 


 

 





Centre for
Global Energy
Studies

 




 


Ecuador pays Oxy $100 million

 

LOS ANGELES
Petroleumworld.com, April 14, 2008

Ecuador paid Occidental Petroleum Corp. $100 million Friday to partially settle a tax dispute, a spokesman for the country said.

Victor Carvajal, a spokesman for Ecuador’s Finance Ministry, told Bloomberg News that Ecuador paid the Los Angeles-based oil company after it stripped it of its oil concession in 2006 over an alleged contract breach.

Occidental and Ecuador disagreed over the amount of value-added taxes the company paid while doing business in Ecuador. A London court ordered the South American country to refund the $100 million, Carvajal said today in a telephone interview.

“We've reached an equitable settlement fair to Occidental and Ecuador,” Occidental spokesman Richard Kline told Bloomberg. Ecuador's government also put $30 million aside pending further arbitration.

This case is unrelated to another dispute regarding Ecuador’s seizure of an Oxy oil field in Ecuador's Amazon region in May 2006. The field is now operated by Ecuador’s state-owned oil company PetroEcuador and produces about 95,000 barrels a day.

Shares in Occidental closed down 1.9 percent to $77.15 in trading Friday.


 


Story by Allen P. Roberts from Los Angeles Business Journal
Los Angeles Business Journal 11 04 08

Copyright© 2008 respective author or news agency. All rights reserved.
We
welcome the use of Petroleumworld™ stories by anyone provided it mentions Petroleumworld.com as the source. Other stories you have to get authorization by its authors.

 

 

Send this story to a friend

Your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

Any question or suggestions, please write to:
editor@petroleumworld.com





Best Viewed with IE 5.01+
Windows NT 4.0, '95, '98 and ME +/ 800x600 pixels

 

 

   


Contact:
editor@petroleumworld.com/phones:(58 412) 996 3730 or 952 5301
www.petroleumworld.com-Editor:Elio Ohep /
Publisher-Producer:Elio Ohep.
Contact Email:
editor@petroleumworld.com
Legal Information. CopyRight 2002, Elio Ohep.- All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.