According to Reuters, the appellate court in Ecuador recently raised the fines Chevron Petroleum Corporation of the U.S. from 8.6 billion to 18.2 billion due to large losses in the Amazon basin.
In 1993, 30,000 local residents filed Texaco Oil Company for acts of discharging more than 68 billion gallons of toxic waste into the river Amazon in 1972-1992.
In 2001, Chevron Petroleum Corporation's No. 2 in the U.S., acquired Texaco, but declined to take joint responsibility in the case. January 2.2011, the court in Ecuador requires Chevron to pay 8.6 billion dollars in compensation plus 10% of the cost of environmental management and the penalty will be raised twice if the corporation is not publicly apologize.
To date, Chevron has not accepted the penalty should the appellate court issued a decision on. Ecuador President has welcomed the latest ruling also said U.S. companies will continue to appeal.