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Chevron wins an Ecuador claim, awaits major ruling

Author: Reuters, Published on: 30 March 2010

Chevron…has won a three-year-old arbitration fight against Ecuador over a commercial dispute as it battles the country separately over an environmental claim against the company that could result in $27 billion in damages. An arbitration panel ruled…that Ecuador's courts violated international law by delaying rulings on commercial disputes between…[Chevron-owned Texaco]…and Ecuador's government… The arbitration panel…awarded the company $700 million… The panel found that Ecuador's courts had breached a trade treaty...by not ruling on the cases. It is the same treaty that Chevron is citing in its arbitration claim filed in September over alleged interference by the government in a blockbuster case brought by indigenous Ecuadoreans who accuse Texaco of damaging the environment and their health through its operations there...

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Related companies: Chevron Texaco (part of Chevron)