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Ecuador Political News

Wall Street Journal – Ecuador’s Correa Says Legislation for Oil Expropriations Coming

Ecuadorean President Rafael Correa said Saturday his government will submit legislation to facilitate the expropriation of private oil operations if companies refuse to sign on to new services-based contracts.

The government has been pushing to convert contracts that allow private oil operations to benefit directly from the oil they produce to contracts on which they would be paid a production fee and reimbursed for investment costs.

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