Arab Today, arab today us top court rejects ecuador challenge
Last Updated : GMT 06:55:28
Arab Today, arab today
Arab Today, arab today

To $96m Chevron award

US top court rejects Ecuador challenge

Arab Today, arab today

Arab Today, arab today US top court rejects Ecuador challenge

An an international arbitration panel based in The Hague in 2011
Washington - Arab Today

The US Supreme Court has rejected Ecuador's appeal against a $96 million award it has been ordered to pay Chevron in a dispute over the development of oil fields in exchange for cheap domestic crude.

The eight justices sitting on the short-handed bench let stand a lower court ruling denying the South American country's challenge to a 2011 award by an international arbitration panel based in The Hague.

At issue were seven breach-of-contract cases that Texaco Petroleum -- which Chevron bought in 2001 -- filed against Ecuador in the early 1990s, saying the country had "overstated its domestic oil-consumption needs, and appropriated more crude oil than it was entitled to acquire at the reduced price," a court petition read.

Chevron claimed that Ecuador had violated the 1993 US-Ecuador Bilateral Investment Treaty, which entered into force in 1997, because it was allowing the case to languish in courts too long.

Chevron welcomed the Supreme Court's move at a time the California-based company faces losses and a decline in its credit rating due to the continued drop in oil prices.
The oil firm is "pleased" that the high court rejected the appeal, and that "Ecuador will be held accountable," spokesman Morgan Crinklaw said, noting that the country actually owes Chevron $106 million after interest.

In Washington's decision in favor of Chevron, the US Court of Appeals had upheld a previous ruling from a federal district judge and validated the findings of the three-member arbitration tribunal in The Hague.

- Battle over? -

The high court's decision should end a battle that has lasted more than two decades.

Still, Ecuador said it would not make the payment, pointing to an order by a judge in the country freezing Chevron's assets during separate litigation over environmental damage in the Amazon.

"This fact makes it impossible for Ecuador to make any payment in the case," the Ecuadoran Embassy in Washington said in a statement.

In the environmental damage case -- brought by the indigenous people of Ecuador's Lago Agrio region to win compensation for the mass dumping of oilfield waste between the 1970s and 1990s -- an Ecuadoran court ordered Chevron to pay $9.5 billion in damages.

The environmental destruction was allegedly carried out by Texaco, which Chevron bought in 2001.

However, a US court found that the plaintiffs' legal team conspired to win the case by "egregious fraud," including bribing a judge, writing the court's verdict themselves and secretly paying the authors of an ostensibly independent report.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us top court rejects ecuador challenge Arab Today, arab today us top court rejects ecuador challenge

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us top court rejects ecuador challenge Arab Today, arab today us top court rejects ecuador challenge

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel sees benefits in independent Kurdistan

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Horia Farghaly happy for success of “Case G”

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday