WATCHING GOVERNMENT ECUADOR SEEKS FOREIGN INVESTORS

With Patrick Crow from Washington, D.C. Like its neighbor Peru, Ecuador is enacting a package of reforms to open the country's oil industry to more private investment and greater efficiency. Petroecuador has held a quasi-monopoly on the oil industry for years, but Congress recently approved a law that allows domestic and foreign firms to explore for and produce oil under several contractual methods. Ecuador's new law outlines types of operational contracts, licenses, and joint ventures

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