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31 Mär 2010

Shiela McNulty, Financial Times blogs

Chevron wins symbolic arbitration hearing against Ecuador

For Chevron, the ruling of an international arbitration tribunal…in its favour is a major win. The company has been trying to claim it has been unfairly treated by the Ecuador courts for some time - a claim Ecuador’s judiciary vehemently denies. The tribunal’s finding that the US oil company should be awarded $700m in a claim against Ecuador stemming from allegations that country failed to pay for millions of barrels of oil supplied in the 1990s, gives Chevron ammunition for its bigger fight… The commercial arbitration is separate from…the…$27bn claim by indigenous people… But for Chevron, the win is…the symbolism…