- ICSID—damages award issued in oil profits dispute (Perenco v Ecuador)
- What did the tribunal decide?
Law360: An International Centre for the Settlement of Investment Disputes (ICSID) arbitral tribunal has determined that Ecuador must pay Perenco Ecuador, a Bahamian oil company, nearly US$450m to resolve a more than 10-year-old dispute over the allocation of profits from two oil blocks in the Amazon. In addition, the tribunal decided that the claimant energy company shall pay the respondent state nearly US$55m in respect of environmental damage.
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