November 30, 2012

Chevron: Ecuadoran judgment fraudulent

The Associated Press

BUENOS AIRES, Argentina - Chevron Corp.'s Argentina subsidiary ran full-page ads in the nation's leading newspapers Thursday saying that its operations have been complicated by a court order freezing its earnings.

A judge in Buenos Aires embargoed Chevron's Argentina earnings, acting on behalf of plaintiffs in Ecuador who are trying to collect a $19 billion judgment they won over oil spills in the Amazon.

Both Chevron and the Ecuadorean plaintiffs have accused each other of committing fraud in the case.

The environmental judgment is only the latest trouble Chevron is facing in Argentina, where it has become a leading partner of the state-controlled YPF SA oil company since President Cristina Fernandez expropriated it from Grupo Repsol in Spain.

Repsol has sued in Madrid accusing Chevron and YPF of unfair competition, for drilling for shale oil and gas in the "Vaca Muerta" basin that was discovered when Repsol ran the company.

Chevron's ad called the Ecuadoran judgment fraudulent.

 

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