Occidental Petroleum

Occidental offers Ecuador $1bn

Occidental Petroleum is offering the Ecuador government up to $1bn (£569m) in disputed taxes, investments and extra revenues to end a legal dispute.

The row centres on whether the US firm transferred part of an Ecuadorean field to Canada’s EnCana in 2000 without approval from the Ecuador authorities.

Occidental proposes giving Ecuador at least $600m in extra revenues from the disputed area, but denies wrongdoing