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See you in court: Ecuador cancels Oxy contract

THE GOVERNMENT of Ecuador has torn up its block-15 contract with US energy firm Occidental Petroleum (Oxy) over alleged violations of its concession agreement. In a decision that may have consequences for other investors, the row revolves around the sale by Oxy of part of its Ecuadorian oilfields to a third party, Canada's EnCana, in 2000, without the express consent of the authorities. Officials from PetroEcuador have taken over Oxy's various offices and installations – technicians from the state-owned energy group are to replace Oxy staff in running the oilfields in the Amazon region. Within days, the US firm had filed a claim against the government in the international courts seeking re

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