ICSID Refuses To Lift Stay Of Enforcement For $1.7 Billion Award

ICSID Refuses To Lift Stay Of Enforcement For $1.7 Billion Award

WASHINGTON, D.C. - A committee for the International Centre for the Settlement of Investment Disputes on Oct. 1 released its decision refusing to lift the stay of enforcement of a $1,769,625,000 award issued in favor of two companies in a dispute over an oil exploration and exploitation contract with the Republic of Ecuador, finding no evidence of anything that would prohibit the companies from eventually enforcing the award (Occidental Petroleum Corp., et al. v. The Republic of Ecuador, No. ARB/06/11, ICSID).

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