Ecuador moving to increase state role in oil sector
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Ecuador will enact a law on Monday aimed at increasing state control over the country's oil sector, and that could set the stage for nationalization of noncomplying companies, President Rafael Correa said.
The law will govern new contracts the government is preparing, aimed at increasing state oil revenues. Congress had scheduled a debate on the bill for Sunday evening, but Correa said on Saturday lawmakers have waited too long to act on his government's proposal. The bill was marked "urgent," meaning Congress had only 30 days to act on the legislation before it would be automatically enacted. (Reuters)
