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27 July 2010

ECUADOR: Correa Declares Oil Contracts Will Be Renegotiated; Flat Fees Only With 100% State Ownership.

BBC/    Under a new law, Ecuador will start renegotiating contracts with private oil companies to increase state control to 100%. All previous agreements will be replaced with flat fee only deals. Foreign oil firms currently produce 44% of the of 470,000 bbp output.
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Labels: Rafael Correa
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