Ecuadorian President Alfredo Palacio announced yesterday that all 'unfair' agreements with oil companies will be subject to review, citing especially those arrangements that give outside companies 80% of their earnings, as opposed to the government's take of 20%. (Forbes)
Thursday, September 8, 2005
Ecuador to review 'unfair' oil contracts
Ecuadorian President Alfredo Palacio announced yesterday that all 'unfair' agreements with oil companies will be subject to review, citing especially those arrangements that give outside companies 80% of their earnings, as opposed to the government's take of 20%. (Forbes)
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3 comments:
So Palacio wants to go from 80/20 to 50/50? Even though it the article says the companies are willing to negotiate I hardly see them going down that far. I noticed that there are no US companies on the list.
Oxy is a U.S. company based in California and central to the conflict.
Hi anonymous #2! I'm interested in learning more about what you said. The article listed a couple foreign companies and Oxy, who I don't know much about. Any more information on how they have responded, and if they go by a different name here stateside?
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