WASHINGTON – A federal appeals court has upheld a $96 million arbitration award to Chevron Corp. stemming from a 1990s-era oil contract dispute with the government of Ecuador.
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The U.S. Court of Appeals for the District of Columbia Circuit on Tuesday rejected Ecuador's challenge to the 2011 award from the Netherlands-based international arbitration panel.
The dispute centers on seven contracts that Texaco Petroleum Inc. had with Ecuador in 1991-93. Chevron bought Texaco in 2001.
Chevron claimed that Ecuador had violated provisions of a 1997 investment treaty by failing to resolve lawsuits in a timely fashion. The appeals court agreed with a 2013 ruling from a federal district judge that sided with Chevron.