press release

Chevron Wins Arbitration Claim Against the Government of Ecuador

International Tribunal Awards Chevron Approximately $700 Million

SAN RAMON, Calif. - Mar. 30, 2010 - An international arbitration tribunal has ruled in favor of Chevron in a claim against Ecuador related to past oil operations by Chevron's subsidiary, Texaco Petroleum Company. The tribunal, administered by the Permanent Court of Arbitration in The Hague, found that Ecuador's courts violated international law through their delays in ruling on certain commercial disputes between Texaco Petroleum Company and the Ecuadorian government.

Today's ruling is distinct from arbitral claims Chevron and Texaco Petroleum filed against Ecuador in 2009 in connection with the Lago Agrio litigation.

In its decision, the tribunal found that Ecuador had violated the United States-Ecuador Bilateral Investment Treaty by failing to provide effective means of asserting claims and enforcing rights. As a result, the tribunal awarded Chevron and Texaco Petroleum Company approximately US$700 million in principal damages and interest as of December 22, 2006, pending further proceedings to determine applicable taxes, compound interest, and costs.

“这一裁决表明，厄瓜多尔政府不高于法律，”雪佛龙副总裁兼总法律顾问休伊特贝特说。“我们一直保持一段时间，即厄瓜多尔的法院在距离雪佛龙及其附属公司来说，厄瓜多尔的法院未能管理司法，而国际法庭现已同意。我们希望这一裁决能够帮助厄瓜多尔走向适当的外国投资者和尊重的尊重法律规定。”

The arbitral award partially resolves seven commercial claims that Texaco Petroleum Company, now a Chevron subsidiary, filed in Ecuador between 1991 and 1993. Ecuadorian courts continually delayed and refused to rule on Texaco Petroleum's cases, which has been found to constitute a breach of Ecuador's treaty with the United States.

Chevron和Texaco Petroleum公司于2006年12月根据“联合国国际贸易法委员会（贸易法委员会）规则”提出了仲裁。仲裁常设法院是一个政府间组织，在1899年国际公约制定的一百多个成员国，以促进仲裁和其他形式的争端解决。美国1900年加入法院的成立公约，厄瓜多尔于1907年加入。

The tribunal is not alone in highlighting the Ecuadorian courts' failure to provide justice to foreign investors. In February 2009, the United States Department of State released its Investment Climate Statement for Ecuador, which stated, "Systemic weakness and susceptibility to political or economic pressures in the rule of law constitute the most important problem faced by U.S. companies investing in or trading with Ecuador." The report went on to state, "corruption is a serious problem in Ecuador," and that, "the courts are often susceptible to outside pressure and bribes."

厄瓜多尔正在捍卫世界第二大仲裁店，超过11个索赔，要求损害超过65亿美元的索赔。厄瓜多尔已经退出了世界银行的仲裁计划，使其成为迄今为止的第二个国家，并表示打算取消为国际投资纠纷提供国际仲裁的双边投资条约。由于政府指定的小组宣布债务“非法”，该国也因国际金融市场而偏离了国际金融市场的青睐。

Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at m.hnhanxing.com.

Published: March 2010