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Chevron Wins $96 Million for 1990s Ecuador Oil Dispute

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posted on Sep, 1 2011 @ 09:21 AM
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Chevron Wins $96 Million for 1990s Ecuador Oil Dispute


www.bloomberg.com

Chevron Corp. (CVX), the second-largest U.S. energy company, said it won a $96 million judgment against Ecuador in an international arbitration case stemming from a 1990s oil-export dispute with the Latin American nation.
Ecuador overstated domestic crude demand to boost its share of production from the Texaco-operated wells, and then sold the oil on the international market, depriving Texaco of profits, Robertson said. Texaco was acquired by Chevron in 2001.
(visit the link for the full news article)




posted on Sep, 1 2011 @ 09:21 AM
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As you may recall, certain groups from both Ecuador and the United States have been attempting to pick Chevron’s deep pockets to the tune of billions of dollars over supposed environmental damage to lands where Chevron’s subsidiary, Texaco, hasn’t extracted a single barrel of oil in decades. (Meanwhile, the government of Ecuador has been drilling non-stop right through to this day.) The government’s case has been shown to be rife with corruption, and several aspects of it have been turned over to international courts for review.

www.bloomberg.com
(visit the link for the full news article)



posted on Sep, 1 2011 @ 09:29 AM
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Ecuador? As in the country that was absolutely screwed over by the US and raped for its natural resources? Left in a dire economic and environmental state? So once US companies stop drilling they want a piece of the pie, and you think they're in the wrong?

Get real mate.



posted on Sep, 1 2011 @ 09:45 AM
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reply to post by sir_slide
 


Texaco (now Chevron) was a minority partner with Petroecuador from 1972 to 1993. Since then Petroecuador has been the sole operator of the field. Does it really seem fair to make Chevron pay for 100% of the remediatoin and the civil liability on the project?



posted on Sep, 1 2011 @ 10:04 AM
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reply to post by SirMike
 


Hey, as someone who lived in Ecuador for a while I can tell you personally this is messed up. Chevron DESTROYED the land and subsequently had the indians either driven from their land, or simply killed.
I find it highly ironic they won their case. They did indeed rape Ecuador and now the victims are paying the rapist. Justice? No. $? Yes. $ wins everytime.

CJ



posted on Sep, 1 2011 @ 10:22 AM
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reply to post by SirMike
 

Absolutely, of course they should have to pay, read the poster below me
reply to post by ColoradoJens
 

Absolutely, thank you for posting that. These scum bags should pay, it's the least they do.



posted on Sep, 2 2011 @ 07:31 AM
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reply to post by ColoradoJens
 


Chevron is the easy to attack and try to sue scapegoat. All indications from what I have read are that though texaco did pollute a little, the vast, vast majority of the pollution happened after they pulled out, perpetrated by the national oil company in Ecuador.

Its just easier to sue Chevron with a real address and public company than to sue corrupt politicians and executives of a national oil company.
edit on 2-9-2011 by Desolate Cancer because: (no reason given)



posted on Sep, 2 2011 @ 10:19 AM
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reply to post by Desolate Cancer
 


Often times in these cases there is a case of overblame, and the monetary compensation is subjective to so many factors - so I understand your questioning of it. But who do the Ecuadoreans take to court? The fact is after the oil companies were nationalized (after destroying the whole place)...see

Rainforest Chernobyl

Chevron was that much more pissed off and did everything one of the largest oil companies in the world could do to fight what was obvious - they killed people and the environment for $ - please check out the site I posted above and watch the documentary posted and then get back to me...there is plenty of info out there how these greedy bastards took more than advantage of a third world company - they took advantage of normal people and crushed them when they spoke up. This is crazy.

CJ
edit on 2-9-2011 by ColoradoJens because: (no reason given)



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