- USA—proceedings commenced for enforcement of ICDR award regarding share of settlement with Ecuador (Andes Petroleum v Occidental)
- What is this development about?
Law360: Proceedings in the US District Court for the Southern District of New York have been instituted to confirm a final arbitral award issued by an International Centre for Dispute Resolution (ICDR) tribunal seated in New York, applying the Commercial Arbitration Rules of the American Arbitration Association (AAA). The tribunal found that the petitioner in the enforcement proceedings (an oil company with ties to the Chinese Government) was entitled to a share of a nearly $US 1bn settlement Ecuador agreed to pay to a subsidiary of Occidental Petroleum Corp after terminating a project to explore for oil deep in the country’s rainforest.
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