BREAKING NEWS

Chevron foundation, USAID give Nigeria $50M

By ASSOCIATED PRESS

FEBRUARY 18, 2011 01:22

LAGOS, Nigeria — Chevron Corp.'s foundation and USAID are to pour $50 million into Nigeria's impoverished delta where militants have kidnapped foreign oil workers and demanded that more oil profits come back to the region, the US oil giant said Thursday.

Chevron's Niger Delta Partnership Initiative and the US-government funded USAID will each invest $25 million toward the development of the region over the next four years.

The money will support programs designed to promote economic development, improve government and local organizations, and help reduce conflict in the volatile area.

"This is an investment in developing stronger communities and the future of our business," said Rhonda Zygocki, Chevron's vice president of Policy, Government and Public Affairs.

Chevron's move in Nigeria comes after a judge in Ecuador ordered the oil company on Monday to pay $9.5 billion in damages and cleanup costs after ruling that Chevron was responsible for oil drilling contamination in a wide swath of Ecuador's northern jungle. Chevron plans to appeal that decision.

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