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Article: Perenco Will Protect Its Rights in Ecuadorian Oil Seized in Defiance of International Arbitration Tribunal Orders.
- Article from:
- Health & Medicine Week
- Article date:
- July 13, 2009
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Perenco Ecuador Limited ("Perenco Ecuador") announced that it is prepared to take legal action against any company that purchases or transports crude oil the Ecuadorian Government has unlawfully seized (see also Perenco Ecuador Limited).
Perenco Ecuador is the Operator of Blocks 7 and 21 in Ecuador. On February 19, 2009, the Republic of Ecuador and its oil company, Empresa Estatal Petroleos del Ecuador ("Petroecuador"), commenced a coercive process to collect from Perenco approximately $327 million they claimed were due under a 2006 Ecuadorian law ("Law 42") by which the Government asserts a right to 99% of the oil revenues above an arbitrary "reference price." ...