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Ecuador Spent $2.77 Billion on Fuel Subsidies During January-Sept

By Mercedes Alvaro QUITO–Ecuador spent about $2.77 billion on fuel subsidies for the January-September period, including high-octane naphtha, diesel and gas for cooking, the central bank said. The amount represents a 13% increase from the same period last year. During the first nine months of 2013, Ecuador imported a total of $4.14 billion in oil derivatives. Of the total spent on oil subsidies, about 49% went to diesel, 36% to high-octane naphtha and 15% went to cooking gas. According to official data, the main beneficiaries of the subsidies in Ecuador are high-income earners, due to their energy-consumption levels. Last year, the government spent about $3.4 billion in fuel subsidies. Currently, the government is reviewing its policy of subsidizing fuel to refocus the approach. Patricio Rivera, minister coordinator for Economic Policies, said recently in an interview the option to refocus fuel subsidies would be to set consumption quotas, and those […]

Posted On : Published By : Tom Whipple
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Attorney Takes Stand in Chevron Case

New York lawyer Steven Donziger was the mastermind behind a litigation team that spent more than $21.4 million to allegedly extort billions from Chevron Corp. CVX +0.42% Chevron Corp. U.S.: NYSE $ 120.56 +0.50 +0.42% Nov. 18, 2013 4:02 pm Volume (Delayed 15m) : 4.74M AFTER HOURS $ 120.50 -0.06 -0.05% Nov. 18, 2013 5:14 pm Volume (Delayed 15m): 50,618 P/E Ratio 9.79 Market Cap $230.90 Billion Dividend Yield 3.32% Rev. per Employee $3,588,150 11/18/13 Attorney Takes Stand in Chevro… 11/15/13 Ecuador Seeks Suspension of Ch… 11/15/13 Chevron is Having a Very Bad W… More quote details and news » CVX in Your Value Your Change Short position over environmental damage claims in Ecuador’s Amazon Basin, a lawyer for the oil giant said Monday. Mr. Donziger took the stand in federal court in Manhattan to defend himself against racketeering charges brought by Chevron. Observers in the packed courtroom included […]

Posted On : Published By : Tom Whipple
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Ecuador Court Affirms and Halves Chevron Judgment

QUITO, Ecuador—Ecuador’s highest court affirmed an environmental verdict against Chevron Corp. CVX -0.89% Chevron Corp. U.S.: NYSE $ 120.00 -1.08 -0.89% Nov. 12, 2013 4:00 pm Volume (Delayed 15m) : 6.05M AFTER HOURS $ 120.06 +0.06 +0.05% Nov. 12, 2013 7:47 pm Volume (Delayed 15m): 867,941 P/E Ratio 9.75 Market Cap $232.86 Billion Dividend Yield 3.33% Rev. per Employee $3,588,150 11/12/13 Chevron, Brazil’s Petrobras St… 11/01/13 Chevron Pumps Up Its Spending 11/01/13 The Race for Oil, and Chevron’… More quote details and news » CVX in Your Value Your Change Short position but cut the judgment against the oil giant in half. Ecuador’s National Court of Justice ruled late Tuesday that Chevron must pay $9.5 billion to plaintiffs in the country’s rainforests over decades-old contamination. The verdict had stood at $19 billion, but the court tossed out punitive damages that were imposed in 2011 after Chevron refused to apologize […]

Posted On : Published By : Tom Whipple