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Viewing cable 08QUITO459, ECUADOR ECON WEEKLY: NEW OIL ARBITRATION CASES; IDB LOANS;

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Reference ID Created Released Classification Origin
08QUITO459 2008-05-27 17:05 2011-05-02 00:00 UNCLASSIFIED Embassy Quito 
VZCZCXYZ0000
RR RUEHWEB

DE RUEHQT #0459 1481705
ZNR UUUUU ZZH
R 271705Z MAY 08
FM AMEMBASSY QUITO
TO RUEHC/SECSTATE WASHDC 8865
INFO RUEHBO/AMEMBASSY BOGOTA 7565
RUEHCV/AMEMBASSY CARACAS 3034
RUEHLP/AMEMBASSY LA PAZ MAY LIMA 2613
RUEHGL/AMCONSUL GUAYAQUIL 3565
RUEATRS/DEPT OF TREASURY WASHDC
 
UNCLAS QUITO 000459 
 
SIPDIS 
 
TREASURY FOR MEWENS 
 
E.O. 12958: N/A 
TAGS: ECON EFIN EINV EPET ETRD EC
SUBJECT: ECUADOR ECON WEEKLY: NEW OIL ARBITRATION CASES; IDB LOANS; 
REGIONAL ARBITRATION FORUM 
 
Reftel:  Quito 349 
 
1.  (U) The following is a weekly economic update for Ecuador that 
reports notable developments that are not reported by individual 
cables. 
 
Two New Oil Arbitration Cases 
--------------------------- 
 
2. (U) Ecuadorian press reported that French petroleum company 
Perenco and its U.S. partner, Burlington, filed for international 
arbitration contesting the windfall income tax, on April 21 and 30 
(Burlington is owned by ConcocoPhillips - reftel).  The arbitration 
claims were filed before the World Bank's International Centre for 
Settlement of investment Disputes (ICSID).  Ecuador currently faces 
arbitration demands from U.S. petroleum companies City Oriente, 
Occidental Petroleum, and Murphy Oil.  Other petroleum operators 
from Spain, Brazil, and China are rumored to be considering 
arbitration over the petroleum law. 
 
New IDB Loans to Ecuador 
------------------------ 
 
3. (U) On May 16, the Inter-American Development Bank (IDB) 
announced that it will lend Ecuador up to USD 1.2 billion for 
infrastructure projects, as well as a substantial loan to renovate 
Ecuador's state owned oil company Petroecuador, over the next four 
years.  It also approved a 6-year loan of USD 50 million to Banco de 
Pichincha, Ecuador's leading commercial bank, to expand financing 
for housing, small businesses and micro enterprises. 
 
UNASUR Could Set Up Regional Arbitration Body 
--------------------------------------------- 
 
4. (U) Minister of Petroleum and Mines Galo Chiriboga announced that 
attendees at the first South American Energy Council, held May 8 in 
Venezuela, agreed that Unasur (the Union of South American Nations) 
would play a role in establishing an organization to resolve energy 
investment disputes in the region.  (Comment:  we understand that 
Ecuador has proposed, in UNASUR discussions, the establishment of a 
regional arbitration body, but do not know if there is regional 
consensus; even if there is, it would be a while before a regional 
arbitration body is established.)  Chiriboga reported that attendees 
at the meeting, including representatives from Argentina, Bolivia, 
Brazil, Chile, Columbia, Ecuador, Guyana, Paraguay, Peru, Uruguay, 
Surinam, and Venezuela, also worked on strategic energy plans. 
 
JEWELL