Ecuador Min: To Change Oil Contracts to Give State Majority

CANCUN, Mexico, April 3, 2008 (Dow Jones Newswires)

Ecuador hopes to raise its participation in oil projects to more than 50% following contract negotiations with private firms, Oil and Mining Minister Galo Chiriboga Fambrano said Thursday.

He said the state's current ownership stake in oil projects ranges from 30% to 35%.

"This is very low," he told reporters during a briefing at a meeting of African, Latin American and Caribbean energy ministers.

"It will be more than 50%."

He said the contract negotiations could be finalized as early as next week.

The contract talks involve oil majors Petrobras (PBR) and Repsol YPF (REP), among others.

CANCUN, Mexico, April 3, 2008 (Dow Jones Newswires)

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