OGJ Newsletter

10/15/2007
General Interest - Quick TakesEcuador claims 90% of oil ‘windfall profits’Ecuador’s President Rafael Correa has signed a decree requiring foreign oil firms with operations in his country to pay the treasury 90% of their profits resulting from the rise in global crude prices and not 99%, as earlier stated by official sources.There was no explanation regarding the change from earlier reports that quoted Correa as saying that by a new decree “it is established that 99% of the windfall oil profits will go to the state and the remaining 1% to companies.”Under a law passed last year, oil companies and the Ecuadorean government each received 50% of profits whenever ...
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