Ecuador may boost private companies' share in windfall oil profits to 30 pct

QUITO, Ecuador (AP) 16 May 200 - Ecuador's oil minister says his government is willing to boost private companies' share of soaring windfall oil profits to 30 percent, reversing a decree signed last October.

The decree, signed by leftist President Rafael Correa, nearly doubled the state's share of windfall oil profits, leaving private companies with just 1 percent.

But Minister Galo Chiriboga on Friday told reporters that Ecuador wants «good business» with foreign oil companies and may restore part of their cut.

Windfall profits are unexpected earnings on oil sold for more than the price fixed in a company's contract. As oil prices rise, these profits have soared.

Ecuador, which produces about a half-million barrels of crude a day, is South America's fifth-largest oil producer.