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April 19, 2010

Ecuador to Increase State Control of Oil Production
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In Ecuador, President Rafael Correa has announced he’ll unveil
legislation to reduce foreign control over Ecuadorian oil production.
Correa announced the proposal Saturday in a televised address.

Ecuadorian President Rafael Correa: “We are sending a bill to Congress
that would allow for the expropriation of oil fields should the
companies not want to sign the new contracts. Every day that passes,
there are millions of dollars going to these companies that should be
going to the Ecuadorian state.”



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