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Ecuador, Occidental Prepare For Final Hearing At ICSID

QUITO -(Dow Jones)- The final hearing in the $3.2 billion arbitration case filed against Ecuador by U.S. oil company Occidental Petroleum Corp. (OXY) will be held Thursday, in London, Ecuador's attorney general said Wednesday. Occidental filed the lawsuit for damages for Ecuador's May 2006 decision to cancel the company's operating contract. Ecuador alleged that Occidental broke several of its terms by transferring a 40% stake in its Ecuadorian projects to Canada's Encana Corp. (ECA, ECA.T) without the approval of Ecuador's Energy Ministry. In a press release, Attorney General Diego Garcia said Ecuador hopes the court will reject the company's lawsuit. Occidental filed the claim with the World Bank's International Centre for Settlement of Investment Disputes, or ICSID, in July 2006. Occidental has said that the Ecuadorian government violated the U.S.-Ecuador bilateral investment treaty by illegally nullifying its exploration rights and by expropriating its assets. The Ecuadorian government, meanwhile, said it has followed the law and all contracts with the U.S company. -By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653; mercedes.alvaro@dowjones.com

Stock News for Occidental Pet (OXY)
DateTimeHeadline
03/24/201517:03:11Proxy Statement (definitive) (def 14a)
03/22/201519:38:50U.S. Oil Export Ban: Are There Reasons Not To Repeal?
03/19/201520:25:18Better 4% Dividend Stock: ConocoPhillips Or Occidental Petroleum?
03/18/201518:04:59WTI - It's About Dollar Strength
03/03/201505:49:00U.S. Oil Growth Slows: Whither The Fields Of Glory?
03/02/201505:05:22Crude Oil Prices And Debt
02/25/201523:38:12Super Top End Concentrated FRAK Is On Course For Higher Prices
02/24/201518:32:35Why Occidental Petroleum Looks Set To Bounce Back This Year
02/23/201516:29:44Annual Report (10-k)
02/12/201507:00:00Occidental Petroleum Announces Dividend
02/10/201516:02:29Amended Statement of Ownership (sc 13g/a)
02/09/201506:02:54Amended Statement of Ownership (sc 13g/a)
02/04/201514:21:31Annual Statement of Changes in Beneficial Ownership (5)
02/02/201521:18:16Exxon's Profit Drops 21% As Production Declines -- 3rd Update
01/29/201508:19:15Occidental Swings to Loss, Posts Big Write-Down on Commodities...
01/29/201507:10:33Current Report Filing (8-k)
01/29/201507:05:00Occidental Petroleum Replaces 174 Percent of 2014 Production
01/29/201507:00:00Occidental Petroleum Announces 4th Quarter and Twelve Months...
01/28/201513:14:36Argentina's YPF, China's Sinopec to Join in Oil-and-Gas Projects
01/13/201509:00:00Occidental Petroleum 4th Quarter 2014 Results to be Announced...

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