By Pete Brush

Law360, New York (April 05, 2010, 8:00 PM ET) -- Calling a $700 million international arbitration ruling in favor of Chevron Corp. in a long-standing contractual dispute against his country unacceptable, Ecuador President Rafael Correa has vowed to seek an annulment of the award.

The Permanent Court of Arbitration in The Hague, Netherlands, ruled March 30 that the South American country violated the U.S.-Ecuador Bilateral Investment Treaty by “failing to provide effective means of asserting claims and enforcing rights.”

The $700 million arbitration award partially resolved seven commercial claims that Chevron unit Texaco Petroleum Co. filed...