{"id":505104,"date":"2010-04-02T11:56:45","date_gmt":"2010-04-02T15:56:45","guid":{"rendered":"http:\/\/www.earthportal.org\/news\/?p=3251"},"modified":"2010-04-02T11:56:45","modified_gmt":"2010-04-02T15:56:45","slug":"ecuador-to-appeal-chevron%e2%80%99s-700m-arbitration-win","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/505104","title":{"rendered":"Ecuador to appeal Chevron\u2019s $700M arbitration win"},"content":{"rendered":"<p><a href=\"http:\/\/blogs.ft.com\/energy-source\/2010\/03\/31\/chevron-wins-symbolic-arbitration-hearing-against-ecuador\/\" ><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/blogs.ft.com\/energy-source\/files\/2010\/03\/ecuador_chevron_schoolgirlbridgeoilpipes_shushufindu-near-lagoagrio_ftcomnaomimapstone-300x185.jpg\" align=\"right\" width=\"199\" height=\"122\" \/><\/a><a href=\"http:\/\/www.eenews.net\/Greenwire\/2010\/04\/01\/11\/\" >Greenwire:<\/a> Ecuador&#8217;s government announced yesterday it plans to appeal an  international arbitration tribunal&#8217;s $700 million award in favor of  Chevron Corp., which claimed the country did not pay for millions of  barrels of oil after Chevron subsidiary Texaco Petroleum Co. sold its  operations to a state-owned oil company.<\/p>\n<p>The award was unrelated to an ongoing case in which Ecuadorean  plaintiffs are asking Chevron to pay $27 billion for decades of  environmental contamination. Though a trial in that case is under way in  Ecuadorean court, a federal judge in New York ruled earlier this month  that Chevron could pursue arbitration in The Hague (<a href=\"http:\/\/eenews.net\/Greenwire\/2010\/03\/19\/archive\/17\"><em>Greenwire<\/em><\/a>,  March 19).<\/p>\n<p>Chevron sought to establish through the oil payments case that  Ecuadorean courts have not administered justice in a fair and timely  manner. Diego Garcia, Ecuador&#8217;s attorney general, issued a statement  yesterday describing the case as part of &#8220;a well-orchestrated strategy  by Chevron to evade its responsibilities ahead of the Ecuadorean courts&#8217;  eventual adverse decision for its possible responsibility in the  destruction of the environment.&#8221;<\/p>\n<p>The $700 million award in Chevron&#8217;s favor is about one-fifth of  Ecuador&#8217;s $3.85 billion in international reserves as of March 26,  according to the country&#8217;s central bank. If Ecuador were to pay the  award, it could decrease by as much as 87 percent once the government  accounts for back taxes related to oil contracts, Garcia said (Daniel  Cancel, <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=newsarchive&amp;sid=as6PjQ5.TAbg\">Bloomberg<\/a>,  March 31). <strong>&#8211; GN<\/strong><\/p>\n<p class=\"akst_link\"><a href=\"http:\/\/www.earthportal.org\/news\/?p=3251&amp;akst_action=share-this\"  title=\"E-mail this, post to del.icio.us, etc.\" id=\"akst_link_3251\" class=\"akst_share_link\" rel=\"nofollow\">Share This<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Greenwire: Ecuador&#8217;s government announced yesterday it plans to appeal an international arbitration tribunal&#8217;s $700 million award in favor of Chevron Corp., which claimed the country did not pay for millions of barrels of oil after Chevron subsidiary Texaco Petroleum Co. sold its operations to a state-owned oil company. The award was unrelated to an ongoing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,7],"tags":[],"class_list":["post-505104","post","type-post","status-publish","format-standard","hentry","category-energy","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/505104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=505104"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/505104\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=505104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=505104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=505104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}