Ecuador will oppose an arbitration suit filed last week by Occidental Petroleum Corp (OXY) with the World Bank’s International Center for Investment Disputes in Washington, DC, said Ecuadorean Attorney General Jose Maria Borja.
The US-based Occidental Petroleum Company has filed an arbitration claim against Quito for canceling its exploration rights, a move that resulted in a suspension of free trade talks with Washington.
US-based Occidental Petroleum has responded swiftly to a move by the Ecuadorian Government to kick the company out of Ecuador. The firm filed a request for arbitration with the Washington-based International Centre for Settlement of Investment Disputes (ICSID) yesterday. The company’s claim is expected to be for at least $1 Billion (US) in damages.
Finance Minister Diego Borja said that the US decision to break off free trade talks with Ecuador after the government canceled Occidental Petroleum Corp’s (OXY) contracts was unacceptable political interference.
The Bush administration announced Tuesday it has broken off negotiations on a free trade agreement with Ecuador after that government’s decision to annul an operating contract with Occidental Petroleum Corp.
Ecuadorean President Alfredo Palacio sent troops to guard oil facilities seized from Occidental Petroleum Corp. as they are transferred to state control, officials said Tuesday.
Ecuador’s chief trade negotiator, Manuel Chiriboga, admitted that a huge "uncertainty" surrounds the future of the free trade negotiations with United States suspended since the end of March.
A US Embassy spokeswoman said Friday that a newly approved oil-tax law designed to cut into windfall profits of foreign oil producers, like US-based Occidental Petroleum Corp, violates a bilateral investment treaty.
The United States warned Ecuador on Thursday that a proposed free-trade agreement was at risk unless Quito acted on a growing list of investment and other concerns.
Ecuador’s ambassador to Washington return to Quito for consultations on how to overcome an impasse with US free trade negotiators over an oil-tax bill designed to cut into foreign windfall crude profits.
The Ecuadorean government plans to send a formal request this week to the U.S. government to resume free trade talks between the two nations, the country’s top trade negotiator said Tuesday.
The Ecuadorian government insisted Tuesday on having the last Free Trade Agreement (FTA) round of negotiations with the US and is readying a formal request from Washington.
New legislation designed to increase the state’s share of windfall oil revenues by some $600m a year is set to derail Ecuador’s plans to negotiate a trade deal with the US, according to government officials.
The Ecuadorian government hopes to have the next round of FTA negotiations on May 8 in Washington — if it manages to pass an amendment bill to the Hydrocarbons Law. But the legislation is being staunchly opposed by private oil firms.
The violent police repression against Ecuadorian demonstrators protesting the free trade agreement with the US has claimed its first life, university students denounced Friday.
With can of spray paint in hand, Ecuadorean author Alex Ron has turned his writing talent loose on the walls of Quito to vent his anger about a pending U.S. free-trade pact that has sparked weeks of Indian protests.
Ecuador and the United States decided to suspend free trade negotiations until late April after a deadlock in talks, the Ecuadorean president’s spokesman said on Monday.
The Confederation of Indigenous Nationalities of Ecuador (CONAIE) has demanded the government Sunday to suspend the Free Trade Agreement (FTA) talks with the US and hold a referendum on that deal.
Ecuador could reach a free trade deal with the United States by the end of this week if the two sides can resolve difficult agricultural issues, Ecuadorean negotiators said on Monday.
Ecuadorian Indigenous organizations are in the leadership of the most recent uprising in that country, which began on March 13. Tired of being lied to, exploited and excluded, they have taken on the courageous road of challenging the Free Trade Agreement that is secretly, behind closed doors, being negotiated with the United States by President Alfredo Palacios.