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.

Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Contract Administrator
Expertise: Contracts Administration
Location: Chesapeake, VA
Logistics Coordinator & Optimization Analyst
Expertise: Logistics Management
Location: Billings, MT
Associate Category Manager or Category Manager Job
Expertise: Logistics Management|Purchasing|Supply Chain Management
Location: Denver, CO
search for more jobs

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours