Last year Correa, who won office in 2006 on promises to boost state oil income and spending on the poor, announced his government would review all oil contracts signed with the state since 1996.
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Spain's Repsol, Equador Renewed Talks on Oil Contracts
Ecuador sees the contracts unfair because their terms assumed...
Spain's biggest oil group Repsol has advanced talks on the renegotiation of oil contracts with Ecuador, the company said.
During their talks, Correa and Repsol president Antonio Brufau "expressed their wish that the ongoing talks to renegotiate oil contracts can be successfully concluded over the coming weeks," the statement said.
Last year Correa, who won office in 2006 on promises to boost state oil income and spending on the poor, announced his government would review all oil contracts signed with the state since 1996.
Ecuador sees the contracts unfair because their terms assumed average oil prices of US$25 to 30 a barrel, while now they are over $100 a barrel.
Last year Correa, who won office in 2006 on promises to boost state oil income and spending on the poor, announced his government would review all oil contracts signed with the state since 1996.
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