Africa

Chad high court fines Exxon-led oil consortium $75 billion

Chad's high court has ordered an oil consortium led by Exxon Mobil Corp. to pay a fine of more than $75 billion after the country's finance ministry accused it of not paying royalties.

Exxon spokesman Todd Spitler said Thursday that Exxon disagrees with the ruling and is "evaluating next steps."

Chadian officials were not immediately available to comment on the ruling or the fine's size.

Exxon and its partners, including Malaysian state oil company Petronas, filed for arbitration in July with the International Court of Arbitration in Paris over an exemption from export duties on crude production. They said the exemption was included in the consortium's agreement with Chad.

One of the consortium's original partners, Chevron Corp., said in 2014 that it sold its 25 percent stake for $1.3 billion.