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Jan 01, 2010

New hydrocarbons law

The Government of Ecuador put into effect a new hydrocarbons law on July 27th. The Law will force private oil companies to renegotiate their contracts from a production-sharing to a service arrangement, and will give effective control of the industry to the State. Small, medium and large companies throughout Ecuador are immersed in this process but those that do not complete it by March 16 could have their concessions declared invalid.

Type: Entry and establishment (Other)

Industry: Primary (Mining and quarrying), Manufacturing (Manufacture of coke and refined petroleum products)