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ECUADOR: GOVERNMENT HIKES ROYALTIES ON PETROLEUM COMPANIES, PRESSURES BANKS FOR LOWER INTEREST RATES

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Please use this identifier to cite or link to this item: http://hdl.handle.net/1928/11015

ECUADOR: GOVERNMENT HIKES ROYALTIES ON PETROLEUM COMPANIES, PRESSURES BANKS FOR LOWER INTEREST RATES

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Title: ECUADOR: GOVERNMENT HIKES ROYALTIES ON PETROLEUM COMPANIES, PRESSURES BANKS FOR LOWER INTEREST RATES
Author: NotiSur writers
Subject(s): ECUADOR: GOVERNMENT HIKES ROYALTIES ON PETROLEUM COMPANIES, PRESSURES BANKS FOR LOWER INTEREST RATES
Ecuador
royalties
petroleum companies
lower interest rates
Rafael Correa
reduce interest rates
Organization of Petroleum Exporting Countries
OPEC
high petroleum prices
elevation of taxation
oil companies
Reglamento de Aplicación de la Ley 42
Ley 42
nationalization of petroleum
Galo Chiriboga
50/50 distribution
Fondo de Estabilizacion Petrolera
FEP
Fondo de Ahorro y Contingencias
FAC
Cuenta Especial de Reactivación Productiva
Cereps
Petrobras
Repsol-YPF
City Oriente
Ciadi
CNPC
Tarapoa
rejoin
OPEC
reduce interest rates
Bancos Privados de Ecuador
ABPE
ley de Instituciones Financieras
Banco Central
Constitutional Assembly
Center for the Study of the Americas
CENSA
Institute if International Studies at the University of California
environmental
transnational corporations that have polluted local rivers and aquifers
Movimiento PAIS
neoliberalism
IMF
World Bank
human rights organizations
Abstract: In the days immediately after his party's overwhelming win in an election to name members of an assembly to rewrite the national Constitution (see NotiSur, 2007-10-12), Ecuador's President Rafael Correa announced plans to heavily tax private companies extracting oil and pressured banks to reduce interest rates. The taxes on petroleum companies would take 99% of additional profits beyond the price of oil at the time the companies signed their contracts with the government. Correa also announced Ecuador's intent to rejoin the Organization of Petroleum Exporting Countries (OPEC).
Date: 2007-10-19
URI: http://hdl.handle.net/1928/11015

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