WASHINGTON (AFP) – Occidental Petroleum has filed an arbitration claim against Ecuador for cancelling its oil exploration rights, a move that has soured relations with Washington.

The claim, filed Wednesday with the International Center for Settlement of Investment Disputes in Washington, says the damages “will exceed one billion dollars,” according to the complaint.

The petition bases its claims on protections the company says are included in the US-Ecuador Bilateral Investment Treaty.

It follows Ecuador’s move on Monday to cancel the California-based company’s rights to an oil field in the Amazon basin region and take control of its production infrastructure.
news.yahoo.com

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