AFP, Quito :
Ecuador will pay US oil company Burlington Resources $337 million in damages, the attorney general’s office announced Monday, ending a legal battle lasting almost a decade.
The settlement corresponds with the $380 million payment ordered at an International Centre for Settlement of Investment Disputes (ICSID) hearing in February, minus $42 million awarded to Ecuador for environmental damage.
A source from the attorney general’s office told AFP both parties agreed the payment will be made in two instalments-one of $75 million, already made on December 1, and another of $262 million which will be paid in April 2018.
Burlington Resources was working in two oil blocs in Ecuador alongside France’s Perenco in 2008.
