Chevron Ecuador: Ecuador Owned Oil Prod. Gave Texaco Immunity From Envronmental Cleanup In 90s Chevron Ecuador: Ecuador Owned Oil Prod. Gave Texaco Written Immunity From Envronmental Cleanup In 90s.
According to Plan V of Ecuador, from 1964 to 1992, Ecuador steadily increased its ownership of the oil production consortium with what was Texaco-Gulf, and to the point where by the 80s it owned over 60 percent of it, and by 1989 Ecuador had done all of the oil production activites. By 1992, Texaco left Ecuador and oil production.
Then, Ecuador gave Texaco immunity from the responsibility of environmental cleanup, but in 1998, Texaco spent $40 million to do it anyway, even though the responsibility for much of the oil spill damage was in the hands of Ecuador. Then, in 2001, Chevron bought Texaco and inherited the political and oil production mess that Petroecuador never took care of.
This should be a matter of Ecuador levying fines and penalties against itself, and not Chevron. http://ift.tt/1aBbGfM
Zennie Abraham | Zennie Abraham or “Zennie62” is the founder of Zennie62Media which consists of zennie62blog.com and a multimedia blog news aggregator and video network, and 78-blog network, with social media and content development services and consulting. Zennie is a pioneer video blogger, YouTube Partner, social media practitioner, game developer, and pundit. Note: news aggregator content does not reflect the personal views of Mr. Abraham.