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Ecuador president vetoes oil law




Petroleumworld
CARACAS
Petroleumworld.com 04 13 06

Ecuador's President Alfredo Palacio vetoed the new reform of the hydrocarbons law approved by congress that would have given the state a 60% stake in profits from oil production in the country, energy ministry local news reported.

For the presidential veto to be valid it will require 51 of 100 congressional votes to be approved and 100% of the votes to overturn the veto.

Congress has 30 days to decide on the veto.

According to news sources, president Palacio send wants the 60% profits to the state to be change to 50% of the profits and to exclude marginal fields producing less than 20,000 barrels a day of crude from the contract modifications.

Petroleumworld 04 13 06

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