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Ecuador's Congress to debate controversial oil reforms Wednesday
Platts
QUITO
Petroleumworld.com 03 29 06Ecuadorean legislators are expected to begin final debate Wednesday on
oil reforms that would increase the state's cut of revenue from private crude
producers, according to the congressional schedule confirmed Tuesday.Private oil companies operating in Ecuador, which produce about 330,000
b/d of the country's total output of 531,000 b/d, oppose the
administration-sponsored proposal, according to Hydrocarbon Industry
Association Executive President Rene Ortiz.President Alfredo Palacio called in September to increase the state's
share due to high oil prices through a voluntary contract renegotiation.
Finance Minister Diego Borja later accused state oil company Petroecuador of
dragging its heels on the renegotiation, however, and formulated his own
proposal which went to Congress in early March.The Congressional Commission on Economy is expected to present its report
later Tuesday or early Wednesday, which is required for the final debate.
Commission members are reportedly divided on the measure, according to
congressional sources, with a few members insisting that the proposal is
unconstitutional.--Carla Bass, newsdesk@platts.com
For more information, take a trial to Platts Oilgram News at
http://oilgramnews.platts.com.
Platts 28 03 06Copyright © 2006 Platts. All Rights Reserved.
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