Thursday, September 08, 2005

Palacio to Kill Two Birds

Ecuador is to review foreign company oil contracts. President Alfredo Palacio wants to increase the country’s share from 20 to at least 50%. There is so much money in oil nowadays that companies will likely comply. Venezuela did the same a few months ago and foreign producers haven’t left the country.

By fighting oil transnationals Palacio may increase his dented popularity and at the same time pocket badly needed money. As for the ethics, well it’s hard to talk of ethics when dealing with big oil.


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