Open

Coming up

Don't miss

Replay


LATEST SHOWS

THE BUSINESS INTERVIEW

Business & Ethics: When big companies want to do go

Read more

REPORTERS

Halal tourism on the rise

Read more

FOCUS

Many Turks angry over Syrian refugee situation

Read more

ENCORE!

Shakespeare’s 450th Birthday : The Best of the Bard

Read more

BUSINESS DAILY

The Tour de France, a PR machine

Read more

IN THE PAPERS

Coverage of the third plane crash in one week - from France, Algeria and Burkina Faso

Read more

IN THE PAPERS

Coverage of the plane crash that took 116 lives - almost half of them French

Read more

DEBATE

Gaza: A Truce At All Costs?

Read more

AFRICA NEWS

Central African Republic: Brazzaville ceasefire talks deliver fragile deal

Read more

  • Live: ‘No survivors’ from Algerian plane crash, says Hollande

    Read more

  • French families grieve for Algerian plane crash victims

    Read more

  • Protest against Gaza offensive turns deadly in West Bank

    Read more

  • LA Times wipes France off the map in air crash infographic

    Read more

  • Tour de France fans bring the ambience to the Pyrenees

    Read more

  • Halal tourism on the rise

    Read more

  • French lawyer files complaint against Israel at ICC

    Read more

  • Ukraine names acting PM after Yatseniuk's shock resignation

    Read more

  • BNP to pay $80 million for defrauding Dept of Agriculture

    Read more

  • Deadly strike on UN shelter in Gaza Strip

    Read more

  • Wreckage of Algeria plane found in Mali

    Read more

  • Pope meets Christian woman sentenced to death in Sudan

    Read more

  • Italy’s Nibali cruises to victory in 18th stage of Tour de France

    Read more

  • Iraqi parliament elects moderate Kurd as president

    Read more

Americas

President Correa may push legislation to nationalise oil fields

Text by News Wires

Latest update : 2010-04-18

President Rafael Correa said Saturday he intends to push legislation to nationalise Ecuador's oil fields in the event foreign oil companies refuse to sign contracts that would give the country more control over its resources.

AFP - Ecuador's President Rafael Correa said Saturday he will introduce legislation under which foreign oil companies will face nationalization if they fail to sign contracts acceptable to Quito.

"We are sending the (Legislative) Assembly a bill that would give me the authority to expropriate oil fields if these oil companies do not want to sign new contracts on the services they are providing," Correa, a leftist and an economist by training, said in his weekly address.

Ecuador, which is aiming to eventually have full state control over the industry, currently offers foreign owners the possibility of signing deals under which Quito pays operating expenses and set the profits that international companies will receive.

Foreign oil companies operating in Ecuador currently include Chinese-owned Andes Petroleum, Brazil's oil giant Petrobras and Repsol-YPF, dominated by Spanish and Argentine capital.

Under an old model, prior to Correa's government, foreign firms obtained as much as 80 percent of the crude they pumped.

"I have run out of patience on this. The oil companies are playing with us. In the coming weeks there are going to be very considerable actions," a tough-talking Correa warned.

"I have no regard for these companies, which have abused our country," he added.

"Every day that goes by is a day that millions (of dollars) are going to the coffers of those companies when they should be going to the coffers of the Ecuadoran state," he said.

Ecuador, OPEC's smallest member, pumped 466,000 barrels of crude a day (b/d) between January and February 2010 of which foreign companies pumped 41 percent.

In 2009, the South American nation pumped 486,000 b/d, of which it exported 327,000 b/d. That earned the Andean nation 6.28 billion dollars.
 

Date created : 2010-04-18

COMMENT(S)