Chevron Oil (NYSE: CVX), based in San Ramon California, announced it has won $764M in its ongoing arbitration battle with the government of Ecuador concerning that government’s claims of massive environmental damage related to past oil operations by Chevron’s subsidiary, Texaco Petroleum Company.
The tribunal, based at The Hague, ruled that Ecuador’s courts violated international law with delays in ruling on commercial disputes between Texaco Petroleum Company and the Ecuadorian government. The tribunal ruled that Ecuador’s strategy of delay had violated bilateral treaties to provide due process for claims and enforcing rights.
Yesterday’s ruling resolves just one of seven claims between Chevron and Ecuador, which is suing Chevron for as much as $29B for damages allegedly caused by Texaco to the Amazon rainforest between 1964 and 1990.
CHEVRON RULING (265 Pages)
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Chevron might manage to wrangle out of the Ecuador stuff – but I think they will have some real problems here in the USA – Chevron’s got pits here, too. I know this because I live on a large Texas Ranch where Texaco has operated since 1935 and Chevron is still operating. Here’s a movie I made about digging up one of these pits here on our ranch.
http://www.ireport.com/docs/DOC-424893