Regions

The Hague tribunal reschedules Chevron, Ecuador arbitration claim hearing

Close
January 4
9:08 AM 2014

The Hague's international arbitration tribunal, hearing a claim from American energy corporation Chevron Corp. against Ecuador, pushed back a scheduled hearing to February 7 from January 20.

According to Wall Street Journal, the Permanent Court of Arbitration (PCA) called on Chevron and Ecuador to meet in Washington on January 20 instead. A new schedule on how to proceed in the case is expected to be set out at that meeting.

In 2009, Chevron filed an international arbitration claim against Ecuador. The energy corporation alleged that Ecuador violated its obligations under the United States-Ecuador Bilateral Investment Treaty, other investment agreements and international law, regarding an environmental lawsuit brought by residents of an oil-rich Amazon rain forest area, the report said.

Chevron alleges Ecuador failed to provide justice during litigation against the company and says a $9.5 billion judgement against it is fraudulent, WSJ stated.

Ecuador says Chevron is liable for environmental damage done by Texaco, which Chevron acquired in 2001. The Ecuadoreans who sued Chevron are attemption to collect the judgment in courts in Canada, Brazil and Argentina, the report said.  

© 2021 VCPOST, All rights reserved. Do not reproduce without permission.
Tags
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics