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22 Jul 2006


Chevron Responds to Allegations of Fraud: "Absolutely No Merit"

Chevron today issued a statement that there is "absolutely no merit" in the allegation of fraud made by attorneys for the Government of Ecuador relating to the 1998 agreement by the Government of Ecuador releasing Texaco Petroleum Company (a Chevron subsidiary) from all claims and obligations following Texaco’s successful completion of an oil field remediation program. The Government's attorneys made the allegation in a filing before the U.S. District Court in New York, U.S.A., where it is a defendant (along with Petroecuador) in a lawsuit brought by Chevron for breach of the 1998 agreement. Also at issue in that lawsuit and a related arbitration proceeding is Petroecuador's violation of its obligation to indemnify Chevron and Texaco for any claims related to Texaco's former role as oil field operator.

Part of the following timelines

Embattled Chevron Executive to Be Put Under Oath Today In $6 Billion Rainforest Lawsuit

Chevron Faces Fraud Charges In Ecuador Over Toxic Dumping In Amazon Rainforest

Texaco/Chevron lawsuits (re Ecuador)