Chevron Wins $96.4M In Contract Fight With Ecuador

Law360, New York (August 31, 2011, 10:45 PM EDT) -- An international arbitration tribunal on Wednesday awarded Chevron Corp. $96.4 million in a contract dispute with Ecuador related to past oil operations by Texaco Petroleum Co., which is now a Chevron subsidiary.

The award, granted by a panel administered by the Permanent Court of Arbitration in The Hague, reflects nearly $45 million in direct damages, plus prejudgment interest after income taxes and preaward interest.

"This ruling confirms that Ecuador can be held accountable for its obligations under international law," Chevron general counsel Hewitt Pate said in...
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