Ecuador president: Windfall oil rule 'excessive'

  • Business Premium
  • Sunday, 10 Aug 2008

QUITO, Ecuador (AP): Ecuadorean President Rafael Correa says a 2007 decree asking oil companies for 99 percent of their windfall profits is "excessive.''

Correa said Saturday on his radio show that he issued the decree to make up for years when companies kept all profits, but now Ecuador is willing to reduce its share to 70 percent.

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