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ECUADOR CONSIDERS CANCELING OCCIDENTAL CONTRACT, REFORMING HYDROCARBONS LAW

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Please use this identifier to cite or link to this item: http://hdl.handle.net/1928/11011

ECUADOR CONSIDERS CANCELING OCCIDENTAL CONTRACT, REFORMING HYDROCARBONS LAW

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Title: ECUADOR CONSIDERS CANCELING OCCIDENTAL CONTRACT, REFORMING HYDROCARBONS LAW
Subject: ECUADOR CONSIDERS CANCELING OCCIDENTAL CONTRACT, REFORMING HYDROCARBONS LAW
Occidental Contract
Hydrocarbons law
Oxy
Tax money conflict
Lucio Gutierrez
Eduardo Lopez
PetroEcuador
Amazonian block
Petrochina
Direccion Nacional de Hidrocarburos
Servicio de Rentas Internos
SRI
IVA
free-trade agreement
FTA
IMF
petroleum extraction
reform
favored private business at the expenses of public interest
energy shortage
Paute
Abstract: The Ecuadoran government has been threatening to cancel a contract with US petroleum corporation Occidental after a ruling in a legal dispute regarding US$75 million in taxes Ecuador collected from the company went in Occidental's favor. A London-based international arbitration court has said Ecuador improperly collected the money and should return it to Occidental, or Oxy, but Ecuadoran officials said Oxy had not complied with a contract it had signed with the country, and they were looking at rescinding the deal. This comes as Ecuador struggles with a drought-induced emergency in its electrical sector and the president and Congress battle about proposed changes to the nation's laws on hydrocarbons.
Date: 2004-09-10
URI: http://hdl.handle.net/1928/11011


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