News Releases & Statements
June 30, 2005
CHEVRON COMMENTS ON DECISION OF U.S. DISTRICT COURT ON PETROECUADOR'S RESPONSIBILITY IN ENVIRONMENTAL LAWSUIT
SAN RAMON, CALIF. , June 30, 2005 -- On June 27, 2005, Judge Leonard B. Sand of the U.S. District Court in New York turned down efforts by lawyers representing the Ecuadorian government and its state-owned oil company, Petroecuador, to permanently block an arbitration claim by Chevron. Chevron is seeking enforcement of a joint operating agreement requiring Petroecuador to indemnify Chevron for costs and any possible future judgment against the company related to the ongoing environmental lawsuit in Ecuador. The Judge also dismissed the argument that Petroecuador and the government are protected by sovereign immunity.
In a statement issued today, Ricardo Reis Veiga, Chevron's vice president and general counsel, Latin America Products, said, "We are pleased with the ruling of the Federal Court and we look forward to presenting compelling arguments in support of our contention that Petroecuador must indemnify Chevron under the joint operating agreement in Ecuador."
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