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Weekly Report - 11 October 2007 (INNS 1741-7422)
ECUADOR: Correa increases taxes on oil companies
Buoyed by his success in the constituent assembly elections, President Rafael Correa made a strong statement of intent last week by issuing a decree increasing the state's share in windfall oil profits from 50% to 99%. The move should net the government some US$840m a year, assuming that oil prices stay close to the current level of US$64 a barrel. Correa warned foreign oil companies that the state would take 100% if they caused any trouble.
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- Latest data...