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October 1, 2014
Tuesday, August 13, 2013

Chevron warns Ecuador trial could damage operations in Argentina

The YPF president and Chevron''s Latin America representative sign an agreement on Monday
US petroleum giant Chevron has warned that the continuing legal battle with Ecuador's government over pollution charges could put in jeopardy the company's partnership with YPF to exploit the Vaca Muerta shale reserves in Neuquén.

The multinational corporation, based in Mountain View, California, released a statement under the title "The truth about the fraud against Chevron in Ecuador", in which they attempted to cast doubt on the 2011 trial which obliged the company to pay $19bn for contaminating the Amazon rainforest.

"A group of Ecuadorian and North American layers financed by British vulture funds obtained in 2011 a ruling against Chevron Corporation, in a process plagued with fraud, corruption, extorsion and use of false evidence against the company," the missive released on Tuesday reads.

"That illegitimate Ecuadorian sentence threatens to make its effects resonate in Argentina, impacting subsidiary companies of Chevron who have nothing to do with the Ecuadorian judicial fraud."

Alongside the opening statement, Chevron released a list of defences explaining their complaints about the judicial process and its resulting impact on the company image.

YPF and Chevron signed an agreement in July to explore and exploit shale resources in Vaca Muerta, which would contribute to national government plans to make Argentina once more a net exporter of fuels.
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Tags:  chevron  ypf  argentina  shale gas  ecuador  





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