Ecuador pays $112 million to Chevron in arbitration award

Posted on July 25, 2016 • Filed under: Conflicts, Ecuador, Oil reported oil major Chevron has been paid $112million by Ecuador over a contract dispute lasting more than four decades.

The move comes despite the side remaining in disagreement.

In 2011, a Hague arbitration awarded Chevron $96million in a dispute stemming from a 1973 deal that called for Texaco – which was later acquired by Chevron – to develop fields in exchange for selling to Ecuador at below-market rates. Read Article

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