BY CHRONICLE STAFF
Ecuadorian president Rafael Correa, inspired by policies in
"The changes implemented by the Correa administration will constrain the ability of
The new policies will also lead to more formal disputes, risk consultancy Exclusive Analysis warns. "President Correa's moves to increase state control over the oil industry will likely lead to more litigation with multinationals," Exclusive Analysis said in a commentary late last week.
The latest hike comes after the then-government of president Alfredo Palacio raised the government's share from 30 to 50 percent in April last year. Several oil companies are still in arrears on those hikes, the government says. All in all, they owe $317 million, which they have to pay
Spanish oil giant Repsol YPF, French-owned Perenco and Chinese-owned Andes...