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

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From: teevee	10/5/2007 11:08:12 AM
	of 516

Rafael Correa increases oil take to 99%. Will he target the mining industry next? Ecuador to charge more for oil Posted 1 hour 17 minutes ago The President of Ecuador, Rafael Correa, has signed a decree to make foreign energy companies pay more for their oil. When he took office in January, Mr Correa promised radical reforms that would give a greater share of Ecuador's wealth to the country's poor. But the size and timing of this latest move took many, including the foreign oil companies which operate in Ecuador, by surprise. Windfall profits are made whenever prices on international oil markets exceed prices established in existing contracts. The foreign oil companies complained last year when it was agreed that all such profits should be split 50-50 with the state. But now Mr Correa says the state is still not getting enough and will now take 99 per cent of the profit. - BBC

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