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27 Nov 2008

Karen Gullo, Bloomberg

Chevron Estimate for Amazon Damages Rises by $11 Billion

Chevron Corp., which acquired Texaco Inc. in 2001, said a consultant in Ecuador raised by $11 billion his estimate of damages the company may have to pay for pollution in the Amazon allegedly caused by Texaco. A new report by geologist and environmental consultant Richard Cabrera said Chevron…should pay as much as $27 billion…. “Cabrera again does not identify any of the individuals allegedly impacted by oil operations,” Kent Robertson, a Chevron spokesman, said yesterday…. “Cabrera still does not offer any legal grounds or evidence to justify his incremental assessment for unjust enrichment.”… “The new damages assessment is consistent with the costs of large environmental cleanups around the world,” said Steve Donziger, an attorney for the Ecuadorians.