Ecuador Says Tax Issue Holding Up Solution to Perenco Dispute

Taxes Ecuador is owed by privately-held oil company Perenco has slowed the payment of an arbitration award, the finance ministry said in a statement sent by text message.

• “Perenco has debts with the Internal Revenue Service and this has hindered the payment of the award”
• Ecuador will fulfill its commitment to comply with the award with the International Center for Settlement of Investment Disputes
  • “At no time has there been any intention of the country not to comply with this award, which is the result of decisions adopted by the government of Rafael Correa”
• Ecuador expects to reach a ...