Ecuador says close to securing new oil deals
Thu Apr 3, 2008 1:20pm EDT
By Alonso Soto
QUITO (Reuters) - Ecuador hopes to sign the first batch of agreements with foreign oil firms to increase state participation in contracts by next week, Oil Minister Galo Chiriboga said on Thursday.
"The president has the final word ... but I hope next week we can start signing understanding memorandums," he said, speaking at the Reuters Latin America Investment Summit.
Ecuador is reworking foreign oil contracts as part of leftist President Rafael Correa's aggressive campaign to boost state control over key sectors of the economy from oil to mining.
The companies renegotiating their deals include Brazil's Petrobras (PETR4.SA: Quote, Profile, Research), France's Perenco, China's consortium Andes Petroleum (0857.HK: Quote, Profile, Research) and Spain's Repsol (REP.MC: Quote, Profile, Research)
More:
http://www.reuters.com/article/rbssEnergyNews/idUSN0323811120080403?rpc=401&