Chevron to pay $155 million for Brazil oil spill

[Judi Lynn]

Source: Agence France-Presse

Chevron to pay $155 million for Brazil oil spill
AFP December 16, 2012, 5:47 am

RIO DE JANEIRO (AFP) - US oil giant Chevron has agreed to pay 310 million reales ($155 million) to Brazil for an oil spill last year that fouled beaches in Rio de Janeiro, officials said Saturday.

Government news service Agencia Brasil said 90 million reales would be used exclusively for environmental cleanup and 220 million reales would serve for measures to prevent future spills.

Federal prosecutor Gisele Porto said that the fine should send a message to all oil producers that "it is better to invest in preventive measures than to pay a fine for polluting."

An official from Chevron Brazil, Rafael Jaen Williamson, said the company admitted guilt for the disaster and made the payment to show that it was prepared to make amends.



Read more: http://au.news.yahoo.com/thewest/business/a/-/world/15646678/

[navarth]

1. What's that, like 2 days' profit?

sounds like another slap on the wrist to me.