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1 Sep 2011

Yahoo! Finance

Chevron Wins Ecuador Case

Netherlands-based Permanent Court of Arbitration (PCA) has passed a verdict, under which the Latin-American country, Ecuador, will have to pay a penalty of $96 million to U.S. energy firm Chevron...in relation to oil-export dispute cases filed in the early 1990s...The Hague-based international tribunal supervised seven commercial cases filed by Texaco – that was acquired by Chevron in 2001 – in Ecuador between 1991 and 1993. The PCA stated that the court of Ecuador violated international law by causing delay in passing an impartial judgment on the claims. The cases revolve around Chevron’s claim that Texaco was cheated in revenue-sharing agreements with Petroecuador, an oil company owned by the country. The attorney general of Ecuador has, however, elucidated that the government has rejected the final decision by the global court and would try to nullify the judgment...[also refers to BP, Exxon Mobil]