18 April 2010

ECUADOR:1ST UPDATE: Correa Threatens Foreign Oil Companies... With Expropriation.

BUSINESSWEEK/ 1ST UPDATE: 20 ABRIL/  Includes oil company reactions after President Rafeal Correa raised his profile as a leftist and  threatened to take over foreign oil concessions if the companies resist growing state control of the industry because he insists more millions must go to the government. On a national TV address Correa said: "I'm out of patience. We are sending a bill to Congress that would allow for the expropriation of oil fields should the companies not want to sign the new contracts. The oil companies are playing with us. In the coming weeks there are going to be very considerable actions. I have no regard for these companies, which have abused our country."