Ecuador Revokes Occidental Oil Contract

17 May 2006

Ecuador’s Energy Minister said on Monday the government would revoke a contract held by Occidental Petroleum (OXY.N) and strip the U.S. company of its assets in South America’s fifth biggest oil producer. “We accept the demand and petition of Petroecuador (the state oil company) and the country’s attorney general and declare the annulment of the contract,” Minister Ivan Rodriguez told reporters. Full Story

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