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From Reuters

Ecuador has reached a deal to pay Occidental Petroleum Corp roughly $980 million by April to compensate the company for seizing its oil field in the Andean country, the attorney general said on Tuesday evening.

Ecuador has negotiated down a 2012 arbitration award from the International Center for Settlement of Investment Disputes requiring it to pay the U.S.-based company $1.77 billion.

While Ecuador remains opposed to the arbitration decision, Attorney General Diego Garcia said the country was obligated to pay Occidental. If it does not pay the arbitration award, Ecuador could be exposed to asset seizures.

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