Arbitration Panel Ruling Favors Occidental in Ecuador Tax Dispute
Article from: TDM 3 (2004), in Taxation
Occidental Petroleum Corporation said on July 13th, 2004, that a tribunal of international arbitrators formed under the US-Ecuador Bilateral Investment Treaty has issued its unanimous decision awarding approximately $75 million as compensation for value added tax (VAT) refunds from the company's Block 15 operations in Ecuador that were deemed wrongfully withheld by the Government of Ecuador through December 31, 2003. The tribunal's decision also indicates that similar VAT refunds should be paid going forward. An Occidental subsidiary is the operator of Block 15, with a 60% net ...