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Chevron confronts unreal damages in Ecuadorian lawsuit

10/05/2009
By Bob Tippee
A single fact puts Chevron's legal mess in Ecuador into all the perspective anyone should need.Twenty-seven billion dollars.That's what damages might total in a lawsuit to be decided soon in the barebones court of a small Ecuadorian town named Lago Agrio. It's what a court-appointed expert says would be required to remedy harm caused by oil spilled from production work along the Amazon River that Chevron never conducted.It's 31% of Chevron's total shareholders' equity. It's more than half of Ecuador's gross domestic product.Chevron inherited the fight when it acquired Texaco in 2001. Texaco had participated in a consortium that produced oil in Ecuador until its concession ended in 1992. A...
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