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.

Monday, May 25, 2009

Ecuador planned to control oil and mines

President Chavez (L) and his counterpart Correa in a news conference in Quito
May 24 - The Ecuadorian government has planned to control main sectors of the economy, including oil and mines, says President Rafael Correa.

"We will fulfill the goal of having strategic sectors in government hands," Correa was quoted as saying by Reuters.

The Ecuadorian president pushed for new mining and oil contracts more favorable to the state during his first two years in office.

However, he refused to nationalize any companies unlike his Venezuelan counterpart Hugo Chavez.

In recent weeks, the Venezuelan leader has nationalized oil service companies and iron producers.

During a joint press conference with Correa on Saturday, Chavez said his drive to nationalize strategic sectors of his own country's economy would continue.

Correa, however, has recently said he will not nationalize foreign oil companies, but will push for more state control in the key industry via new contracts.

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