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Article: Ecuador : FACTBOX-Foreign oil companies in Ecuador.

Article from:
TendersInfo
Article date:
July 18, 2009
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Byline: manish03

Ecuador said Thursday it had taken over operations of Perenco after the French oil company decided to halt production over a tax dispute. Ecuador's takeover of Perenco's operations, which the company called an "expropriation," raises questions about the safety of other foreign oil company investments.

Since taking office in 2007, President Rafael Correa, a leftist ally of Venezuelan President Hugo Chavez, has tried to increase state revenue from the country's oil sector but has said he would not nationalize.

Petroecuador, the government-owned oil company, controls about half of the crude oil production in the country. The OPEC ...

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