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Latin America

Zorro

(18,597 posts)

6. Hutchison pulls out of Ecuador port deal

Reply to Judi Lynn (Reply #5)

Mon Sep 1, 2014, 10:54 PM

Sep 2014

Hutchison Port Holdings will withdraw from an agreement to operate a port in Ecuador because its government has unilaterally changed the contract terms.

The announcement came a month after Ecuadorian President Rafael Correa reportedly warned Hutchison it could risk losing its US$520 million (HK$4.05 billion) contract if it did not meet the timetable to develop facilities at the Port of Manta.

''Terminales Internacionales de Ecuador SA (TIDE), a member of the Hutchison group, will withdraw from the concession agreement to operate the Port of Manta in Ecuador,'' Hutchison said.

A spokesman declined to give details on the contract changes.

http://www.thestandard.com.hk/breaking_news_detail.asp?id=12403

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Highlight:

Ecuador: WikiLeaks cables show US how used 'democracy promotion' to push corporate interests [View all] Judi Lynn Sep 2014 OP

As far as I read sadoldgirl Sep 2014 #1

Embassy actions are usually kept quiet, as in secret, unless they are revealed Judi Lynn Sep 2014 #4

Oh the horror! "Democracy Promotion" is so so fiendishly diabolical Zorro Sep 2014 #2

Ecuador just signed a free trade agreement with the EU in July Bacchus4.0 Sep 2014 #3

Really? Washington Post: Ecuador Giving U.S. Air Base the Boot Judi Lynn Sep 2014 #5

Hutchison pulls out of Ecuador port deal Zorro Sep 2014 #6

Um, thats exactly what I posted. Correa terminated the base lease agreement. WTF?? n/t Bacchus4.0 Sep 2014 #7

You claim the US would not have renewed the contract, anyway. You know better than that, of course. Judi Lynn Sep 2014 #8

No silly, the Andean trade agreement. Take a bit of time to digest. Check my post again. Bacchus4.0 Sep 2014 #9

Yep, you caught me! I didn't look closely enough. Judi Lynn Sep 2014 #10