Argentine Courts Uphold Chevron's Asset Freeze


News: An Argentine appeals court has upheld a freeze on the Argentine assets of US oil company Chevron. About US$19bn of Chevron's assets were frozen as part of an environmental lawsuit filed by local communities in Ecuador. An Ecuadorian court ordered Chevron to pay damages for the alleged contamination of watersheds in the Ecuadorean Amazon. Chevron's subsidiaries in Argentina, Chevron Argentina and Ing Norberto Priu, had appealed against the ruling in November 2012 on the grounds that they were not directly owned by Chevron.

This article is tagged to:
Sector: Oil & Gas
Geography: Argentina