Inteligencia y Seguridad Frente Externo En Profundidad Economia y Finanzas Transparencia
  En Parrilla Medio Ambiente Sociedad High Tech Contacto
En Parrilla  
 
02/09/2008 | Ecuador a moderate in Andean oil nationalizations

Reuters Staff

Ecuadorean President Rafael Correa is steering away from the energy nationalizations of leftist allies, Venezuela and Bolivia, in a show of moderation that could help him keep oil output steady this year.

 

Correa spooked investors last year by hiking a sweeping windfall tax and ordering companies to rework contracts, but in recent weeks he secured deals with investors that analysts say will help stabilize weak output after he shunned calls for more aggressive oil field takeovers.

The approach shows the pragmatic streak of a tough-talking leftist, whom investors feared would boost state control over the oil sector with nationalizations in the style of Venezuela's Hugo Chavez or Bolivia's Evo Morales.

"We are pragmatic socialists," Oil Minister Galo Chiriboga told Reuters recently. "Our plan from the start was to reach deals with the companies ... but sometimes you need strong measures to get both sides to sit down and talk."

Correa, a U.S.-trained economist, convinced oil giants including Spain's Repsol and Brazil's Petrobras to negotiate new service contracts that will make them contractors, as opposed to having the government take over their projects which pump about half of the OPEC nation's 500,000 barrels per day.

Analysts say this could reverse an oil investment slump that has pushed production down by 15,000 bpd in June compared with last year's average as growing energy demand increasingly tests the global supply of oil.

It also avoids costly court battles such as the lawsuit by Exxon Mobil Corp against Venezuela for the 2007 takeover of multibillion-dollar oil projects and reduces Ecuador's reliance on investment that Chavez has promised but may never deliver.

To defuse a string of suits, Correa agreed oil firms would drop arbitration filed against his government once new deals are signed and settle future disputes in Latin American courts.

Correa's tactics contrast with Chavez's crusade to take over majority stakes in oil projects, which has led to fierce legal bouts, and also contrast with Morales' surprise nationalization of the country's natural gas fields in 2006.

PRAGMATIC STREAK

The 44-year-old Correa, whose threats to default on foreign debt have roiled Wall Street, turned down advice from Venezuela oil nationalization architect Bernard Mommer to follow Chavez's takeover route, according to one government source familiar with the discussions.

"We analyzed that option, but Correa wanted service contracts," said the official linked to oil policy, who asked not be identified because of the sensitivity of the matter. "At the end of the day, like Venezuela and Bolivia, we are also getting what we want, but using a different route."

Correa's surprise hike of a windfall tax last year rattled investors who still wonder if his moderation might ultimately take a back seat to strong leftist rhetoric, which tends to go over well with voters.

Correa faces a tough referendum vote in September to pass a new constitution that would bolster his powers over the Andean country's economy and key political institutions.

"There are actually two Correas: one pragmatic that understands reality and another Correa who takes radical decisions to boost his popularity," said Fernando Santos, a Quito-based oil analyst and former energy minister.

"But deep down I think he is much more pragmatic."

State oil company Petroecuador is now inching toward a multimillion-dollar deal with Canada's Ivanhoe Energy Inc to develop one the country's key oil fields. Ecuadorean oil officials and the company have confirmed talks.

Ecuador also plans to auction its largest field, the Ishpingo-Tambococha-Tiputini, by the end of the year if foreign governments fail to donate $300 million a year in an environmental effort to keep the Amazon jungle untouched.

Correa is also reviewing a market-friendly mining law to jump-start development of massive gold and copper deposits. Minister of Politics Ricardo Patino, one of Correa's closest allies, told Reuters his government is not interested in aggressive nationalizations that officials believe would scare off investment.

"If foreign businessmen can fulfill their role (in the oil sector) then go ahead, but earning normal profits and not the bloated winnings of the past that were unfair with the state," he said.

"We act based on modern policies that give most of the benefits to our people."

Story by Alonso Soto; editing by Brian Ellsworth and Matthew Lewis from  Reuters

Petroleumworld (Estados Unidos)

 


Otras Notas Relacionadas... ( Records 1 to 10 of 522 )
fecha titulo
02/03/2014 Por qué perdió Rafael Correa
10/01/2014 Espionaje, hackeos y persecución: La novela de enero en Ecuador
29/11/2013 Un viaje a Ecuador
21/11/2013 Are Crime Families Fueling Rise in Ecuador Domestic Drug Trade?
10/11/2013 Populismo y ''soberanía monetaria''
06/11/2013 Is Ecuador Poised to Become a Heroin Producer?
06/11/2013 Ecuador: Haciendo negocios, casi igual que en 2006
06/10/2013 Ecuador: Los almuerzos de la burocracia
17/09/2013 Un premio de EE.UU. para el mal gobierno de El Salvador
31/08/2013 Ecuador: Los señores de la pobreza


Otras Notas del Autor
fecha
Título
21/11/2018|
17/11/2018|
12/11/2018|
01/11/2018|
29/10/2018|
29/09/2018|
17/09/2018|
02/09/2018|
02/09/2018|
31/08/2018|
29/08/2018|
23/08/2018|
22/08/2018|
18/08/2018|
15/08/2018|
16/07/2018|
14/07/2018|
30/06/2018|
15/06/2018|
24/03/2018|
25/02/2018|
28/11/2017|
20/11/2017|
16/11/2017|
17/08/2017|
16/08/2017|
07/05/2017|
08/04/2017|
16/03/2017|
11/03/2017|
28/02/2017|
11/02/2017|
19/01/2017|
19/01/2017|
18/01/2017|
03/01/2017|
23/12/2016|
07/12/2016|
30/11/2016|
01/10/2016|
13/09/2016|
04/09/2016|
01/09/2016|
30/06/2016|
22/06/2016|
06/05/2016|
14/04/2016|
10/04/2016|
13/03/2016|
13/03/2016|
18/02/2016|
06/02/2016|
03/02/2016|
01/12/2015|
15/10/2015|
12/09/2015|
21/06/2015|
15/06/2015|
13/05/2015|
12/05/2015|
11/05/2015|
14/04/2015|
05/04/2015|
28/03/2015|
22/12/2014|
20/11/2014|
09/09/2014|
17/07/2014|
20/06/2014|
20/06/2014|
15/06/2014|
22/05/2014|
22/05/2014|
13/05/2014|
01/04/2014|
22/03/2014|
22/03/2014|
13/03/2014|
20/02/2014|
18/01/2014|
29/12/2013|
18/12/2013|
08/11/2013|
08/11/2013|
29/10/2013|
25/10/2013|
10/10/2013|
05/10/2013|
28/08/2013|
21/08/2013|
24/07/2013|
20/07/2013|
20/07/2013|
02/06/2013|
27/05/2013|
23/05/2013|
16/05/2013|
16/05/2013|
08/05/2013|
04/05/2013|
28/04/2013|
15/04/2013|
30/03/2013|
28/03/2013|
22/03/2013|
03/03/2013|
28/02/2013|
28/02/2013|
26/02/2013|
24/02/2013|
20/02/2013|
20/02/2013|
02/02/2013|
29/01/2013|
26/01/2013|
25/01/2013|
25/01/2013|
15/01/2013|
02/01/2013|
27/12/2012|
24/12/2012|
16/12/2012|
06/12/2012|
29/11/2012|
29/11/2012|
10/11/2012|
06/11/2012|
27/10/2012|
19/10/2012|
19/10/2012|
13/09/2012|
10/09/2012|
08/09/2012|
27/08/2012|
25/08/2012|
17/08/2012|
09/08/2012|
08/08/2012|
05/08/2012|
03/08/2012|
01/08/2012|
01/08/2012|
31/07/2012|
31/07/2012|
28/07/2012|
28/07/2012|
28/07/2012|
28/07/2012|
25/07/2012|
25/07/2012|
22/07/2012|
18/07/2012|
16/07/2012|
16/07/2012|
16/07/2012|
16/07/2012|
16/07/2012|
16/07/2012|
16/07/2012|
16/07/2012|
12/07/2012|
12/07/2012|
12/07/2012|
08/07/2012|
23/06/2012|
22/06/2012|
21/06/2012|
19/06/2012|
31/05/2012|
24/05/2012|
17/05/2012|
10/05/2012|
08/05/2012|
27/04/2012|
22/04/2012|
12/04/2012|
29/03/2012|
23/03/2012|
21/03/2012|
21/03/2012|
20/03/2012|
20/03/2012|
11/03/2012|
11/03/2012|
06/03/2012|
06/03/2012|
26/02/2012|
26/02/2012|
26/02/2012|
24/02/2012|
24/02/2012|
24/02/2012|
16/02/2012|
05/11/2011|
04/11/2011|
28/10/2011|
24/10/2011|
17/10/2011|
12/10/2011|
11/10/2011|
10/10/2011|
02/10/2011|
30/09/2011|
28/09/2011|
27/09/2011|
20/09/2011|
12/09/2011|
09/09/2011|
09/09/2011|
07/09/2011|
07/09/2011|
06/09/2011|
06/09/2011|
01/09/2011|
01/09/2011|
01/09/2011|
01/09/2011|
01/09/2011|
01/09/2011|
31/08/2011|
31/08/2011|
28/08/2011|
28/08/2011|
23/08/2011|
23/08/2011|
08/08/2011|
08/08/2011|
01/08/2011|
29/07/2011|
28/07/2011|
26/07/2011|
21/07/2011|
15/07/2011|
15/07/2011|
11/07/2011|
11/07/2011|
10/07/2011|
10/07/2011|
01/07/2011|
01/07/2011|
30/06/2011|
30/06/2011|
21/06/2011|
21/06/2011|
21/06/2011|
21/06/2011|
20/06/2011|
20/06/2011|
19/06/2011|
19/06/2011|
17/06/2011|
17/06/2011|
17/06/2011|
17/06/2011|
09/06/2011|
09/06/2011|
30/05/2011|
30/05/2011|
20/05/2011|
20/05/2011|
19/05/2011|
19/05/2011|
17/05/2011|
17/05/2011|
09/05/2011|
09/05/2011|
04/05/2011|
04/05/2011|
29/04/2011|
29/04/2011|
23/04/2011|
23/04/2011|
18/04/2011|
18/04/2011|
16/04/2011|
13/04/2011|
13/04/2011|
12/04/2011|
11/04/2011|
10/04/2011|
05/04/2011|
30/03/2011|
20/03/2011|
20/03/2011|
19/03/2011|
15/03/2011|
03/03/2011|
28/02/2011|
27/02/2011|
26/02/2011|
23/02/2011|
21/02/2011|
19/02/2011|
19/02/2011|
18/02/2011|
16/02/2011|
16/02/2011|
29/01/2011|
26/01/2011|
25/01/2011|
22/01/2011|
20/01/2011|
14/01/2011|
10/01/2011|
07/01/2011|
31/12/2010|
31/12/2010|
28/12/2010|
25/12/2010|
24/12/2010|
09/12/2010|
03/12/2010|
30/11/2010|
20/11/2010|
20/11/2010|
13/11/2010|
13/11/2010|
13/11/2010|
11/11/2010|
05/11/2010|
05/11/2010|
19/10/2010|
06/10/2010|
14/09/2010|
14/09/2010|
06/09/2010|
06/09/2010|
26/08/2010|
26/08/2010|
23/08/2010|
23/08/2010|
15/08/2010|
15/08/2010|
04/08/2010|
25/07/2010|
25/07/2010|
06/07/2010|
06/07/2010|
06/07/2010|
30/06/2010|
30/06/2010|
08/06/2010|
02/06/2010|
27/05/2010|
27/05/2010|
24/05/2010|
20/05/2010|
12/05/2010|
06/05/2010|
05/05/2010|
25/04/2010|
15/04/2010|
14/04/2010|
08/04/2010|
02/04/2010|
30/03/2010|
28/03/2010|
18/03/2010|
16/03/2010|
16/03/2010|
04/03/2010|
25/02/2010|
24/02/2010|
24/02/2010|
23/02/2010|
17/02/2010|
12/02/2010|
12/02/2010|
03/02/2010|
30/01/2010|
26/01/2010|
22/01/2010|
21/01/2010|
16/01/2010|
13/01/2010|
08/01/2010|
06/01/2010|
05/01/2010|
29/12/2009|
24/12/2009|
19/12/2009|
04/12/2009|
04/12/2009|
01/12/2009|
01/12/2009|
01/12/2009|
01/12/2009|
26/11/2009|
26/11/2009|
26/11/2009|
26/11/2009|
05/11/2009|
31/10/2009|
30/10/2009|
28/10/2009|
27/10/2009|
16/10/2009|
06/10/2009|
03/10/2009|
03/10/2009|
30/09/2009|
30/09/2009|
25/09/2009|
20/09/2009|
16/09/2009|
12/09/2009|
11/09/2009|
10/09/2009|
02/09/2009|
28/08/2009|
27/08/2009|
27/08/2009|
19/08/2009|
18/08/2009|
08/08/2009|
08/08/2009|
08/08/2009|
08/08/2009|
05/08/2009|
05/08/2009|
05/08/2009|
05/08/2009|
31/07/2009|
31/07/2009|
27/07/2009|
27/07/2009|
22/07/2009|
22/07/2009|
16/07/2009|
16/07/2009|
16/07/2009|
31/03/2009|
25/03/2009|
20/03/2009|
19/03/2009|
19/03/2009|
15/03/2009|
15/03/2009|
11/03/2009|
11/03/2009|
10/03/2009|
10/03/2009|
02/03/2009|
02/03/2009|
02/03/2009|
02/03/2009|
02/03/2009|
02/03/2009|
02/03/2009|
02/03/2009|
20/02/2009|
20/02/2009|
10/01/2009|
14/12/2008|
10/12/2008|
25/11/2008|
25/11/2008|
16/11/2008|
16/11/2008|
17/08/2008|
17/08/2008|
11/07/2008|
11/07/2008|
08/04/2008|
29/03/2008|
28/03/2008|
25/02/2008|
26/01/2008|
04/01/2008|
04/01/2008|
12/09/2007|
28/08/2007|
01/08/2007|
31/07/2007|
20/07/2007|
18/07/2007|
24/06/2007|
24/06/2007|
23/05/2007|
23/05/2007|
19/04/2007|
19/04/2007|
28/03/2007|
23/03/2007|
07/03/2007|
05/02/2007|
05/02/2007|
02/02/2007|
02/02/2007|
20/12/2006|
20/12/2006|
16/12/2006|
16/12/2006|
13/11/2006|
13/11/2006|
24/10/2006|
24/10/2006|
19/10/2006|
19/10/2006|
19/10/2006|
05/10/2006|
08/08/2006|
05/08/2006|
05/08/2006|
30/07/2006|
27/07/2006|
07/07/2006|
01/07/2006|
01/07/2006|
02/06/2006|
02/06/2006|
13/05/2006|
04/05/2006|
30/04/2006|
28/04/2006|
29/03/2006|
08/02/2006|
03/02/2006|
01/02/2006|
29/01/2006|
12/01/2006|
18/04/2005|
18/04/2005|
09/04/2005|
09/04/2005|
14/12/2004|
14/12/2004|

ver + notas
 
Center for the Study of the Presidency
Freedom House