ARU.V Aurelian Resources Inc Message Board

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Gold/Mining/Energy : ARU.V Aurelian Resources Inc

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From: BritNick	3/14/2007 10:59:07 AM
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This is very bad news for ARU near term, the market will run and hide until things are clarified. QUITO, March 14 (Reuters) - Ecuadorean President Rafael Correa said on Wednesday he would review mining concessions and reiterated that he would renegotiate the Andean state's oil contracts. The leftist president has alarmed investors with talk of renegotiating parts of his country's national debt and ending the lease on a major military air base used by the U.S. military. He has equated some oil deals with theft. Ecuador has oil output of around 530,000 barrels per day and foreign firms such as Petrobras (PETR4.SA: Quote, Profile, Research) of Brazil are active there. Ecuador last year took over fields operated by Los Angeles-based Occidental Petroleum (OXY.N: Quote, Profile, Research), which has filed an arbitration claim of $1 billion. Ecuador is South America's fifth largest oil producer. reuters.com

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