Ecuador auctioned the crude oil it had seized from Perenco and the only buyer was Petroecuador.
Texaco had already pulled out of Ecuador in 1992, handing over their operations to Ecuador's national company, Petroecuador.
Another question: If this is really about removing pollution from the jungle and compensating villagers, why not sue Petroecuador?
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Over the next four years, investors can expect Correa to maintain economic and political stability and help Petroecuador expand its operations.
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Most recently, the Ecuadorian Ministry of the Environment fined Petroecuador for failing to prevent the spill of toxic waters in the Amazonas.
Chevron says the villagers may be sick, but that poor sanitation and continuing environmental abuses by state-owned Petroecuador are to blame.
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That payment was supposed to resolve any environmental liability the company had, while transferring the responsibility for any remaining problem to Petroecuador.
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At Petroecuador, the state oil company, a lack of investment and other problems have cut production by almost 40% over the last decade.
Petroecuador on the other hand, is part of the Ecuadorian government.
Immediately afterwards, Petroecuador began seizing crude oil produced by Perenco.
The government, keen to double production to over 800, 000 barrels per day, has pledged to allow cash-strapped Petroecuador, the state oil company, to form joint ventures with private-sector firms.
It turns out that the plaintiffs signed an agreement with the government in 1996, agreeing to turn over to Ecuador any amount they received from Chevron that Chevron subsequently obtained from Petroecuador in a countersuit.
However in May, 2009 an international arbitration tribunal under the auspices of the International Center for the Settlement of Investment Disputes ("ICSID") unanimously ordered that the government of Ecuador and Petroecuador halt seizures of crude oil against Perenco.
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