Ecuador's President Partially Vetoes Hydrocarbons Bill

Ecuador's President Alfredo Palacio has partially vetoed the 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 spokesperson Fernando Proano confirmed.

Palacio sent a letter to congress president Wilfrido Lucero on Friday with the modification stipulating the state take 50% of the profits, Proano told BNamericas.

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

Congress will have 30 days to come to a decision, Proano said.Ecuador's energy ministry was unavailable for further comment on Tuesday.

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