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Article: ECUADOR: GOVERNMENT HIKES ROYALTIES ON PETROLEUM COMPANIES, PRESSURES BANKS FOR LOWER INTEREST RATES.
- Article from:
- NotiSur - South American Political and Economic Affairs
- Article date:
- October 19, 2007
CopyrightCOPYRIGHT 2007 Latin American Data Base/Latin American Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In the days immediately after his party's overwhelming win in an election to name members of an assembly to rewrite the national Constitution (see NotiSur, 2007-10-12), Ecuador's President Rafael Correa announced plans to heavily tax private companies extracting oil and pressured banks to reduce interest rates. The taxes on petroleum companies would take 99% of additional profits beyond the price of oil at the time the companies signed their contracts with the government. Correa also announced Ecuador's intent to rejoin the Organization of Petroleum Exporting Countries (OPEC). 99% of "extraordinary" profits to generate US$700 million
High petroleum prices ...
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Article: Ecuador prepares to renegotiate contracts with foreign oil ...
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... ... of the French Institute, Ecuador hoped that the country might ... said he wants to increase Ecuador's share of royalties and ... with representatives of the petroleum companies to let them know our desire ... impossible to say whether Ecuador would be able to achieve a ...
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