Ecuador's top court rejects claim against oil law

[Judi Lynn]

Ecuador's top court rejects claim against oil law
Tue Aug 22, 2006 8:15pm ET

QUITO, Ecuador, Aug 22 (Reuters) - Ecuador's top court on Tuesday rejected a challenge filed against a law forcing foreign oil companies to hand the state part of the revenue they gain from high oil prices, a court spokeswoman said.

Ecuador, South America's fifth largest oil producer, approved in April an oil law that obliges companies to hand over at least 50 percent of their oil revenue above a benchmark price agreed in their original contracts.

The court ruling was a boost to Ecuador's efforts to secure more benefit from its energy industry as it joins Venezuela and Bolivia in introducing tighter controls over profits from natural resources.
(snip)

The law is expected to generate about $255 million this year alone for the Andean country.
(snip/...)

http://today.reuters.com/news/articleinvesting.aspx?view=CN&storyID=2006-08-23T001515Z_01_N22286415_RTRIDST_0_ENERGY-ECUADOR-OIL-UPDATE-1.XML&rpc=66&type=qcna

[dipsydoodle]

1. The passing of such laws

helps advise the Iraqis of what to do in the future - which is good. :)

[Warren Stupidity]

2. Sort of like a windfall profits tax.

Gee, that is so unfair. I'm so glad that our proud nation does not interfere in the plundering of our consumers by the texas oil mafia. Shouldn't we be invading Ecuador?

[mom cat]

4. Shhhhh! Don't give themany ideas.

[Tellurian]

3. The Rockefellas would never allow their family trusts

to disappear into the ether.. what? have you gone MAD?

[TechBear_Seattle]

5. How long until we start hearing about Ecuadoran terrorists?

And how long after the first "foiled attacks" being planned by these Ecuadoran terrorists until we invade Ecuador, overthrow the government and strut about declaring how we are "bringing democracy?"