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.

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

Malaysia records increase in external trade unit values in October Premium
Didi Global plans to delist from New York, seek listing in Hong Kong Premium
Musk sells Tesla shares worth $1.01 billion - filings Premium
Ringgit continues slide against US$ amid Omicron uncertainties Premium
Oil up on Opec+ plan to meet ahead of schedule if Omicron dents demand Premium
Global stocks wobble as Didi delisting revives US-China worries Premium
Air travel recovery continues in October but travel bans could derail it Premium
China-listed firms rush to divest property businesses amid sector crackdown Premium
Grab slumps in US debut after record SPAC deal Premium
Oil ends higher after a day of wild swings on OPEC, Omicron Premium

Others Also Read


Vouchers