A U.S. district judge for the District of Columbia has confirmed an award of $96.35 million to Chevron Corp. (CVX) issued by an international tribunal in The Hague in August 2011.
A U.S. district judge for the
District
of Columbia
has confirmed an award of $96.35 million to
Chevron Corp. (CVX) issued by an international tribunal in
The
Hague
in August 2011.
In a June 6 document, reviewed Wednesday by Dow Jones Newswires, Judge James E.
Boasberg said judgment for Chevron is entered in the amount of $96.35 million
plus compound interest calculated at the
New
York
annual prime rate from
Aug. 31, 2011
, until
June 6, 2013
.
The award is related to seven commercial claims filed from 1991 to 1993 by
Texaco Petroleum Co. for alleged violations of the Bilateral Investment Treaty
between
Ecuador
and
the U.S. Chevron bought Texaco in 2001.
The
U.S.
company filed the international arbitration case in December 2006 under the
rules of the United Nations Commission on International Trade Law.
Ecuador
has
been seeking to have the award granted to Chevron annulled, saying that
The
Hague
court doesn't have jurisdiction to hear the case. It
also has said that the
District of Columbia
court
lacks jurisdiction and asked the court to deny the Chevron request because the
award was beyond the scope of the submission to arbitration and is contrary to
U.S.
public policy.
The Andean country, according to the judge, also asked the court "at a
minimum" to stay proceedings in the matter while
Ecuador
attempts to have the award set aside by courts in the
Netherlands
,
where the award was rendered.
"Disagreeing on all fronts, the court will deny
Ecuador
's
request and grant Chevron's petition to confirm the award," Judge Boasberg
said.
The judge said that both the tribunal in
The
Hague
and the court found that
Ecuador
did
consent to arbitrate the dispute.
Ecuador
's
attorney general wasn't available for comment.
Chevron has said due to a "politicized judicial system" in
Ecuador
, the
company has had to seek solutions before international courts.
Chevron spokesman James Craig said the
District
of Columbia
court decision shows that
Ecuador
can
be held accountable for their obligations under international laws. "Chevron
will continue to seek the fulfillment of the agreements signed by
Ecuador
and
its state oil company, Petroecuador," Mr. Craig said.
This case is separate from Chevron's multibillion-dollar legal battle in
Ecuador, where Texaco was accused of contaminating rain forests with toxic petroleum
waste during its operations there, a claim rejected by Chevron. Chevron is
trying to overturn a $19 billion environmental judgment against it.
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