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> However, Petroecuador failed to conduct the clean-up it had pledged to undertake and has continued to operate and expand its oil operations in the area for mo
by bpodgursky 6y ago
> However, Petroecuador failed to conduct the clean-up it had pledged to undertake and has continued to operate and expand its oil operations in the area for more than 25 years, the US oil company said.
Absolutely unthinkable that a state-owned oil company would use political connections to try to offload liabilities onto wealthy foreign conglomerates. Just ridiculous.
- arcticbull 6y agoState owned oil companies come in all shapes and sizes, the formerly Canadian state-owned Petro-Canada (now part of Suncor Energy), for instance, wouldn't get away with these shenanigans.
- paledot 6y agoNo, it and other oil companies offload the costs of cleaning up their messes on the government (ie. the taxpayers) instead. Definitely better.
- arcticbull 6y agoState oil companies are the government. At least the state profits and collects those gains in the state coffers. Then, it's the government offloading the cost of cleaning up their messes on also the government, by drawing down from that same pool of profits. Private oil companies privatize the gains and socialize the losses.