Ecuador Challenge to Chevron Award Rejected

A U.S. appeals court on Tuesday rejected Ecuador's challenge to a $96 million international arbitration award in favor of Chevron Corp, the latest development in a decades-long dispute over the development of oil fields in the South American country.

The District of Columbia U.S. Circuit Court of Appeals upheld an award rendered by a panel at The Hague's Permanent Court of Arbitration in the Netherlands, after Chevron claimed Ecuador had violated an international treaty by failing to resolve lawsuits over commercial disputes between the two sides in a timely manner.

Reporting by Joseph Ax