Argentine judge embargoes $19 bn Chevron assets
The plaintiffs from villages in the oil-rich Amazon won an $18.2 billion case against the oil giant over claims that Texaco, bought by Chevron in 2001, contaminated the area from 1964 to 1992.
Their legal team argues that Texaco's remediation efforts were insufficient. Their long- erm legal adviser, Steven Donziger, has also filed counter claims in a U.S. court accusing Chevron of fraud.
The claimants' lawyers estimate that Chevron's assets in Argentina are worth around $2 billion and that they could obtain some $600 million a year if the embargo is enforced. In September, Chevron signed an accord with state-controlled YPF, Argentina's No. 1 energy company, to consider a joint exploration project.
Chevron argues that the company has no direct assets in Argentina because its operations in the country are conducted by subsidiaries.
Plaintiffs' lawyers have no legal right to embargo subsidiary assets in Argentina and should not be allowed to disrupt Argentina's pursuit of its important energy resources, Chevron said.
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