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.

Friday, October 03, 2008

Ecuador: Spain's Repsol drops arbitration claims

IHT, September 24, 2008

QUITO, Ecuador: Ecuador's oil minister says Spanish oil company Repsol-YPF has agreed in principle to receive a fee for its services rather than keep a portion of the crude it pumps.

Oil Minister Galo Chiriboga says that Repsol has dropped three claims against the government it brought before a World Bank arbitration body in June. He says Repsol will return 936,000 barrels of crude oil worth US$100 million.

Repsol did not comment Tuesday. Still pending is an arbitration claim disputing a 2007 law giving the state 99 percent of windfall profits — earnings on oil sold above prices fixed in company contracts.

Ecuador has been renegotiating contracts with international oil companies to boost state control over the country's crude.

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