Ecuador Triumphs in International Arbitration, Avoids $198 Million Payment to Worley
(Reuters) — Ecuador's procurator said on Friday the country has won an international arbitration and will not be liable to pay $198 million to engineering firm Worley International Services over oil project contracts.
The company sued Ecuador in 2019 over alleged missing payments from contracts with state-run Petroecuador connected to the renovation of the Esmeraldas refinery and other gas projects.
The three international arbiters found in favor of Ecuador, the procurator said in a statement.
"The tribunal accepted the arguments made by the republic of Ecuador and rejected the aspirations of WorleyParsons," the statement said, using a previous name for the Australia-headquartered company.
Worley will be obliged to pay Ecuador's fees and costs for the arbitration process, the statement added.
Worley did not immediately respond to a request for comment.
The ruling comes as the South American country faces liquidity problems and a likely deficit for the year of some $5.7 billion.
Related News
Related News
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- U.S. Moves to Block Enterprise Products’ Exports to China Over Security Risk
- Court Ruling Allows MVP’s $500 Million Southgate Pipeline Extension to Proceed
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- LNG Canada Start-Up Fails to Lift Gas Prices Amid Supply Glut
- TC Energy’s North Baja Pipeline Expansion Brings Mexico Closer to LNG Exports
Comments