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US-based oil major, Chevron evaded an Ecuadorian court verdict yesterday when an arbitration tribunal trashed the $9.5 billion verdict that came out in 2011 over oil pollution dispute. Chevron-owned TexPet was held guilty of environmental pollution due to operations in Lago Agrio oilfield. The bench stated that the Ecuadorian judgment was found in violation of international public policy. The Ecuadorian judgement will henceforth not be recognized in any other country.
