Brazil says Chevron fine not more than $25 million: WSJ
07/16/2012| 09:25pm US/Eastern
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(Reuters) - Brazil's oil regulator is unlikely to fine United States oil major Chevron Corp (>> Chevron Corporation) more than 50 million Brazilian reals ($24.50 million) for its role in a November oil spill off Brazil's coast, the Wall Street Journal reported on Monday.
(Reuters) - Brazil's oil regulator is unlikely to fine United States oil major Chevron Corp (>> Chevron Corporation) more than 50 million Brazilian reals ($24.50 million) for its role in a November oil spill off Brazil's coast, the Wall Street Journal reported on Monday.
Agência Nacional do Petróleo (ANP) Director Magda Chambriard told the business daily that Chevron would be fined for more than 20 infractions related to the spill.
The report from the ANP is expected later this week and will likely provide the official government explanation of the accident that spilled about 3,000 barrels of oil into the Atlantic Ocean northeast of Rio de Janeiro.
The report may influence civil and criminal proceedings against Chevron, the second-largest U.S. oil company, its drilling contractor, Transocean (>> Transocean LTD), and 17 of their employees.
A spokesman from Chevron was not immediately available for comment and ANP did not respond immediately to an email.
Shares of Chevron closed at $106.78 on Monday on the New York Stock Exchange.
($1 = 2.0406 Brazilian reals) (Reporting by Neha Alawadhi in Bangalore; Editing by Paul Tait)
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