Energy Business Recap: Total’s Conviction Upheld, Chevron Needs More Time
A 1999 conviction against Total S.A. (NYSE:TOT) has been upheld by the highest court in France. The charge was criminal responsibility for a spill of around 20,000 metric tons of crude off the northwest coast, and on Tuesday the court also ruled that the oil major, which has already paid a €375,000 fine and almost €400 million for the clean-up, had civil responsibility in the accident as well.
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Chevron Corporation (NYSE:CVX) needs a few more weeks to assess damages at its plant in Richmond, California, it says, and isn’t certain how long it will require to repair its crude facility following the August fire. The 245,000 barrels per day refinery has run at a “reduced rate” since.
Venezuela has borrowed $42.5 billion, collateralized by revenue from the world’s largest oil reserves, from The China Development Bank. The top Chinese beneficiaries are said to be Sinopec (NYSE:SNP) and PetroChina Company Limited (NYSE:PTR), according to Bloomberg.
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