Shell (SHEL)'s request to overturn an arbitration ruling that favored Venture Global (VG) in a dispute over alleged improper sales of liquefied natural gas has been rejected by a New York state judge, Reuters reported Tuesday.

The report said the judge denied Shell's request, stating that no additional evidence gathering was warranted and that courts must give 'substantial deference' to arbitration decisions.

Justice Joel Cohen wrote that Shell's claim that Venture Global's lawyers misled the arbitration panel was 'pure speculation', adding that the company failed to provide clear and convincing evidence of fraud or misconduct, according to Reuters.

Shell told Reuters that courts are reluctant to challenge arbitral awards but that it believed in the strength of its case and was disappointed with the ruling.

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