The people of Ecuador are rising up to refound their country as a pluri-national homeland for all. This inspiring movement, with Ecuador's indigenous peoples at its heart, is part of the revolution spreading across the Americas, laying the groundwork for a new, fairer, world. Ecuador Rising aims to bring news and analysis of events unfolding in Ecuador to english speakers.

Thursday, June 12, 2008

Ecuador offers to buy out oil companies

May 17, 2008

QUITO, Ecuador (AP) — President Rafael Correa says Ecuador wants to buy out private oil companies unwilling to negotiate new deals with his government.

Correa has asked companies now suing over an October decree that slashed their share of windfall oil profits to 1 percent to drop their lawsuits.

Ecuador on Friday offered to boost those companies' share of soaring windfall profits to 30 percent. If companies aren't happy with that offer, Correa says his government will buy their assets at "a fair price."

France's Perenco Gabon SA, U.S.-based Murphy Oil Corporation and ConocoPhillips-subsidiary Burlington Resources are among those to file claims against Ecuador.

Windfall profits are unexpected earnings on oil sold for more than the price fixed in a company's contract.

Posted by Ecuador Rebelde at 6:14 pm

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