Willamette World News

Willamette World News

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Ecuador decrees: 99% of oil profits go to the State

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President Rafael Correa signed an executive decree in which he establishes that 99% of the excess profits from oil will remain with the State and only 1% will be for oil companies.

Before this modification, oil corporations were used to get 50% of these profits. Correa believes this is a fair and constitutional distribution that will benefit the State and Ecuadorians in general. Ecuador Minister of Mines and Petroleum, Galo Chiriboga, will meet soon with oil companies to establish the new oil policy in the country. Certainly, this is a really important meeting that might determine the framework and future of oil activities within the country. Do you want to take a look at this controversial decree? What do oil companies think about the new oil policy changes? Take a deep breath and make a quick click on the link, it will take you just a minute to read the whole news article. Enjoy it and have a nice day!!!

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