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6 Jun 2013

New Statesman (UK)

Argentina’s Supreme Court unfreezes Chevron assets

Argentina’s Supreme Court has lifted the freeze on the assets of Chevron Corporation, a major victory for the US energy firm after being involved in a 20-year-old dispute with indigenous groups for allegedly causing environmental damages in the Amazon region of Ecuador. This decision is also considered significant for the government of Argentina as Chevron is set to invest $1.5bn through a joint venture deal with YPF, a state-owned oil firm, in July to develop the Vaca Muerta super-field…Seven months ago, Argentina’s judge Adrián Elcuj Miranda ordered freezing of the assets under a treaty, which has been signed by both Ecuador and Argentina…The indigenous groups are also chasing the firm in Canada, Brazil, and Colombia, and plan to file lawsuits in other countries to enforce the judgment…[Also refers to Texaco (part of Chevron)]