Ecuador to pay $337 million to ConocoPhillips subsidiary

December 6, 2017

 

Ecuador has agreed to pay $337 million to ConocoPhillips-subsidiary Burlington Resources five years after a ruling that the South American nation illegally expropriated valuable oil assets.

A World Bank Group tribunal ruled in December 2012 that Ecuador violated a bilateral investment treaty by expropriating significant oil investments, the Associated Press reports.

The payment is expected to be deliver to ConocoPhillips by April.