World's six largest oil company Chevron Corp. has blasted a long-awaited report submitted by an independent expert to an Ecuador court that proposed Chevron pay as much as $16 billion to compensate for environmental pollution caused by Chevron's Texaco subsidiary in Ecuador's Amazonian rainforest more than two decades.
Designated by the Ecuador court last year Geologist Richard Cabrera was to prepare an assessment of damages. At the time, Chevron tried to dismiss Cabrera from that position.
His report, submitted to the court on April 1, according to news report, set a minimum of $7 billion in damages to remediate damage. The maximum figure of $16 billion would include penalties for "unjust enrichment".
It is one of the largest environmental cases against an oil company, and stems from Texaco's operations in Ecuador from the mid-1960s to 1990, when it operated a large oil drilling concession there in partnership with Petroecuador, the state-owned oil company.
Chevron said Wednesday it was going to fight back.
555
Chevron Fights Back Ecuador Court Verdict
World's six largest oil company Chevron Corp. has blasted a long-awaited report submitted by an independent expert to an Ecuador court that proposed Chevron pay as much as $16 billion to compensate for environmental pollution caused by Chevron's Texaco subsidiary in Ecuador's Amazonian rainforest more than two decades
