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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Senior Land Professional Job
Expertise: Landman|Lease Analyst
Location: Oklahoma City, OK
 
Surface Land Professional Job
Expertise: Landman|Lease Analyst
Location: San Antonio, TX
 
Operator Assistant
Expertise: Regulatory Compliance|Rig Mover|Wireline
Location: Bakersfield, CA
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours