Ecuador loses again--$380 million award to Conoco-Phillips
A subsidiary of Houston-based ConocoPhillips won a $380 million judgement against Ecuador for the country’s “unlawful” seizure of rights the company held to oil and gas land in the Amazon rainforest, the company reported on Wednesday.Ecuador, live Venezuela has a government that likes to grab the wealth created by others. It is a risky place to do business with its current government.
An arbitration tribunal of the International Centre for the Settlement of Investment Disputes said Ecuador broke an investment treaty with the U.S. when it seized in 2009 production facilities on forest Blocks 7 and 21 held by Conoco subsidiary Burlington Resources.
“The Tribunal’s decision on damages sends a clear message that governments cannot expropriate investments without fair compensation,” said Janet Carrig, a senior vice president at Conoco.