Ecuador asks that arbitration ruling be thrown out

* Ecuador appeals to international court at The Hague

* Seeks to nullify ruling by arbitration panel

QUITO, July 9 (BestGrowthStock) – Ecuador said on Friday it moved
to nullify a March arbitration ruling by a panel of the
Permanent Court of Arbitration in The Hague that ordered the
country to pay $700 million to Chevron Corp (CVX.N: ).

In March, the U.S. oil giant won a three-year-old
arbitration fight against Ecuador over a commercial dispute.
Separately, the company is also battling an environmental claim
in Ecuador seeking $27 billion in damages.

In March the arbitration panel ruled that Ecuador’s courts
violated international law by delaying rulings on commercial
disputes between a subsidiary of the second-largest U.S. oil
company and Ecuador’s government.

The panel found Ecuador’s courts breached a trade treaty
between the South American country and the United States by not
ruling on the cases.

The government on Friday issued a statement that it is
seeking the “nullification” of the decision, saying the
arbitration tribunal was not the proper forum for the dispute
to be heard.
(Reporting by Santiago Silva; editing by Andre Grenon)

Ecuador asks that arbitration ruling be thrown out