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BUSINESS
August 5, 2005 | From Times Staff and Wire Reports
The head of Ecuador's state oil company said he resigned at the government's request Wednesday, hours after he demanded an end to a contract allowing Occidental Petroleum Corp. to operate in the country. "The minister of energy has asked for my resignation and I presented it a few moments ago," Petroecuador President Carlos Pareja told reporters. The government has the final say on whether to end the contract with Occidental.
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BUSINESS
August 16, 2008 | From Times Wire Services
Chevron Corp. said it was open to an amicable solution to a multibillion-dollar lawsuit in Ecuador. An out-of-court settlement would hinge on state-owned PetroEcuador fulfilling obligations in oil-field cleanups, the company said. The plaintiffs' lawyers say that about 30,000 people have suffered from health problems triggered by pollution caused by Texaco, which Chevron took over in 2001.
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NEWS
September 29, 1989
Troops were occupying Ecuadorean oil installations in an attempt to end a two-day-old strike by Texaco workers, who are demanding severance pay before the company hands over control of the main pipeline to the state oil company. Texaco and Petroleos de Ecuador (Petroecuador) operate Ecuador's oil facilities under a consortium arrangement. Texaco is to give control of the main pipeline to Petroecuador on Sunday.
BUSINESS
May 25, 2006 | From Reuters
Ecuadorean Energy Minister Ivan Rodriguez said the South American country would not take over Occidental Petroleum Corp.'s stake in the OCP pipeline, a day after the head of state oil company Petroecuador said it would seize that stake. "The OCP is a private investment of Occidental and therefore has nothing to do" with the annulment of the contract, Rodriguez told reporters. Shares of Westwood-based Occidental fell 20 cents to $93.87.
BUSINESS
August 16, 2008 | From Times Wire Services
Chevron Corp. said it was open to an amicable solution to a multibillion-dollar lawsuit in Ecuador. An out-of-court settlement would hinge on state-owned PetroEcuador fulfilling obligations in oil-field cleanups, the company said. The plaintiffs' lawyers say that about 30,000 people have suffered from health problems triggered by pollution caused by Texaco, which Chevron took over in 2001.
BUSINESS
May 25, 2006 | From Reuters
Ecuadorean Energy Minister Ivan Rodriguez said the South American country would not take over Occidental Petroleum Corp.'s stake in the OCP pipeline, a day after the head of state oil company Petroecuador said it would seize that stake. "The OCP is a private investment of Occidental and therefore has nothing to do" with the annulment of the contract, Rodriguez told reporters. Shares of Westwood-based Occidental fell 20 cents to $93.87.
BUSINESS
May 17, 2006 | Elizabeth Douglass, Times Staff Writer
Ecuadorean officials Tuesday seized oil projects run by Occidental Petroleum Corp., sending the company's stock tumbling and dimming hopes of a trade deal between the South American nation and the United States. The Occidental operations were transferred to Petroecuador, a state-run company, a day after the government revoked the U.S. oil company's contracts in Ecuador.
BUSINESS
May 18, 2006 | Elizabeth Douglass, Times Staff Writer
Claiming more than $1 billion in damages, Occidental Petroleum Corp. on Wednesday asked an international trade group to restore its rights to oil fields that were seized by Ecuadorean officials in a contract dispute. Westwood-based Occidental filed an arbitration claim with the International Centre for Settlement of Investment Disputes in Washington, seeking redress for what it called an "illegal confiscation" of its Ecuadorean assets by the South American nation's government.
BUSINESS
May 16, 2006 | From Times Staff and Bloomberg News
Ecuador's state-owned oil company Monday rejected Occidental Petroleum Corp.'s offer to resolve a contract dispute that threatens to shut down the oil producer's operations in the South American country. Occidental said late Monday that Ecuador's energy minister had terminated the company's production contract and declared that the government had the right to seize the energy assets. Occidental said it was reviewing legal options "to defend its interests."
BUSINESS
December 14, 1995
Oxy in Venture With Petroecuador: Occidental Petroleum Corp. will invest $500 million in a crude oil exploration and production venture with state-run oil company Petroecuador, said Jorge Pareja, Ecuador's energy minister. The signing should take place within the next two weeks. Pareja said the agreement calls for the Los Angeles-based company to explore for crude oil in Ecuador's eastern jungle zone over the next 20 years.
BUSINESS
May 18, 2006 | Elizabeth Douglass, Times Staff Writer
Claiming more than $1 billion in damages, Occidental Petroleum Corp. on Wednesday asked an international trade group to restore its rights to oil fields that were seized by Ecuadorean officials in a contract dispute. Westwood-based Occidental filed an arbitration claim with the International Centre for Settlement of Investment Disputes in Washington, seeking redress for what it called an "illegal confiscation" of its Ecuadorean assets by the South American nation's government.
BUSINESS
May 17, 2006 | Elizabeth Douglass, Times Staff Writer
Ecuadorean officials Tuesday seized oil projects run by Occidental Petroleum Corp., sending the company's stock tumbling and dimming hopes of a trade deal between the South American nation and the United States. The Occidental operations were transferred to Petroecuador, a state-run company, a day after the government revoked the U.S. oil company's contracts in Ecuador.
BUSINESS
May 16, 2006 | From Times Staff and Bloomberg News
Ecuador's state-owned oil company Monday rejected Occidental Petroleum Corp.'s offer to resolve a contract dispute that threatens to shut down the oil producer's operations in the South American country. Occidental said late Monday that Ecuador's energy minister had terminated the company's production contract and declared that the government had the right to seize the energy assets. Occidental said it was reviewing legal options "to defend its interests."
BUSINESS
August 5, 2005 | From Times Staff and Wire Reports
The head of Ecuador's state oil company said he resigned at the government's request Wednesday, hours after he demanded an end to a contract allowing Occidental Petroleum Corp. to operate in the country. "The minister of energy has asked for my resignation and I presented it a few moments ago," Petroecuador President Carlos Pareja told reporters. The government has the final say on whether to end the contract with Occidental.
NEWS
September 29, 1989
Troops were occupying Ecuadorean oil installations in an attempt to end a two-day-old strike by Texaco workers, who are demanding severance pay before the company hands over control of the main pipeline to the state oil company. Texaco and Petroleos de Ecuador (Petroecuador) operate Ecuador's oil facilities under a consortium arrangement. Texaco is to give control of the main pipeline to Petroecuador on Sunday.
BUSINESS
May 24, 2006 | From Reuters
Ecuador's state oil company, Petroecuador, said it would take control of the 14.15% stake that Occidental Petroleum Corp. owned in the Andean country's only private pipeline. Ecuador revoked Occidental's contract last week over accusations that the Westwood-based company sold part of an oil block without government authorization. The company says it did nothing wrong.
NEWS
September 29, 1989 | From Reuters
Troops were occupying Ecuadorean oil installations Thursday in an attempt to end a strike by Texaco workers, who are demanding severance pay before the company hands over control of the main pipeline to the state oil company. At the same time, Petroleos de Ecuador (Petroecuador) declared force majeure on crude oil exports, a Texaco spokeswoman in New York said. Such an action exempts either party to a contract when they can claim circumstances beyond their control.
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