Ecuador oil companies, protesters reach final agreement averting new strike - Forbes.com
Ecuador oil companies, protesters reach final agreement averting new strike - Forbes.com
08.31.2005, 07:40 AM
QUITO (AFX) - Private oil companies operating in Ecuador, the leaders of the oil-rich provinces of Orellana and Sucumbios and the government reached a final agreement yesterday, averting another round of strikes.
An accord was signed last Thursday but over the weekend leaders in the two provinces threatened to resume strikes, as they feared that oil companies would not honour it.
Interior minister Mauricio Gandara said late yesterday: 'We have a deal', adding that that oil companies have confirmed all their pledges towards the two provinces.
Oil companies have agreed to give the regional governments of Orellana and Sucumbios 16 percentage points of the 25 pct in income tax they pay to the Ecuadorian State and to tarmac some 260 kilometres of road.
They have also pledged to hire more people locally.
State-owned company Petroecuador lifted the force majeure on its oil exports yesterday.
Analysts noted the swift recovery in Ecuador's oil production may make it unnecessary to bring in oil from Venezuela.
08.31.2005, 07:40 AM
QUITO (AFX) - Private oil companies operating in Ecuador, the leaders of the oil-rich provinces of Orellana and Sucumbios and the government reached a final agreement yesterday, averting another round of strikes.
An accord was signed last Thursday but over the weekend leaders in the two provinces threatened to resume strikes, as they feared that oil companies would not honour it.
Interior minister Mauricio Gandara said late yesterday: 'We have a deal', adding that that oil companies have confirmed all their pledges towards the two provinces.
Oil companies have agreed to give the regional governments of Orellana and Sucumbios 16 percentage points of the 25 pct in income tax they pay to the Ecuadorian State and to tarmac some 260 kilometres of road.
They have also pledged to hire more people locally.
State-owned company Petroecuador lifted the force majeure on its oil exports yesterday.
Analysts noted the swift recovery in Ecuador's oil production may make it unnecessary to bring in oil from Venezuela.
posted by Marcel at 4:24 AM
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