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Ecuador seizes control of US oil company
The Daily Telegraph ^ | May 19, 2006 | Jeremy McDermott

Posted on 05/18/2006 11:41:02 PM PDT by MadIvan

Ecuador yesterday joined the wave of Latin American governments targeting foreign-owned industries when it fulfilled its threat against an American oil company and took "full technical control" of its operations.

The offices and installations of Occidental Petroleum were occupied by soldiers earlier this week, provoking a furious response by Washington.

But yesterday, a Petroecuador official announced: "We are in control of Occidental's technical operations."

State oil officials are expected to replace Occidental executives running oil fields in the Amazon region.

While the government of President Alfredo Palacio denied the seizure was part of a wider move to nationalise oil deposits in the Andean nation, the action follows a path blazed by the Leftist regimes in Venezuela and Bolivia.

Mr Palacio's government said that Occidental had violated the terms of its concession by selling part of its holdings to a Canadian firm in 2004 without Ecuador's approval.

Occidental is the largest foreign investor in Ecuador and had been pumping 100,000 barrels of oil a day from the affected field in the Amazon.

Denying that it had violated its contract, Occidental said that it had offered the government £569 million in disputed taxes, investments and extra revenues to try to end the dispute.


TOPICS: Business/Economy; Foreign Affairs; Government; News/Current Events
KEYWORDS: ecuador; energy; nationalisation; occidental; occidentalpetroleum; oil; socialism
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To: TheLion

Not when the Rep. controlled House decides to keep the ban on off-shore drilling!!!


41 posted on 05/19/2006 4:38:48 AM PDT by Roccus
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To: Alberta's Child

You are correct.


42 posted on 05/19/2006 4:45:53 AM PDT by sgtbono2002
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To: MadIvan

algore is NOT going to like this. He owns a ton of OP!

LLS


43 posted on 05/19/2006 5:04:58 AM PDT by LibLieSlayer (Preserve America... kill terrorists... destroy dims!)
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To: sourcery

President George Bush responded by.... Gee, what DID old Georgie say? What will Tony Snow say? Don't hold your breath.


44 posted on 05/19/2006 6:17:58 AM PDT by gaspar
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To: AmeriBrit

I was thinking the same thing. LOL! Al is going to be mighty ticked! LOL!


45 posted on 05/19/2006 6:19:50 AM PDT by kx9088
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To: TeddyCon
That disgusting pimp of a turd world punk looks like Hose Hemenez;

"Is that a crash helmet?".

"Oh, I hope not!".

46 posted on 05/19/2006 8:13:06 AM PDT by norraad ("What light!">Blues Brothers)
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To: BJungNan
Can you say Zimbabwe? Result will be the same. They won't know how to farm the oil.

I'm sure the state can provide tractors, combines, and fertilizer. :-)

47 posted on 05/19/2006 8:13:28 AM PDT by Tolerance Sucks Rocks (One flag--American. One language--English. One allegiance--to America!)
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To: ovrtaxt

Yes, it is a bit of wishful thinking on my part. So I suppose it is up to the U.S. to protect its interests and in the very least not to do the dumb thing again.


48 posted on 05/19/2006 8:36:34 AM PDT by BJungNan
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To: Alberta's Child
I would also suggest that Occidental Petroleum is not necessarily "a U.S. company."

They would have a branch office organized under State (maybe several states and several branch offices) corporation law, which would be the very small American part of the company.

49 posted on 05/19/2006 8:40:24 AM PDT by RightWhale (Off touch and out of base)
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To: MadIvan

It they are going to take it then we should bomb it.


50 posted on 05/19/2006 3:35:49 PM PDT by Revel
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