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Petroecuador, Ecuador’s state-run oil company, spilled oil and is affecting local inhabitants:

State-owned Petroecuador estimated that it will take two and a half months to clean up a heavy diesel fuel spill that contaminated the Teaone River in the northern coastal province of Esmeraldas.

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Perenco weighs its options following the termination of its contracts with Ecuador:

Anglo-French company Perenco Corp. is analyzing Ecuador’s decision to end its contracts in the Andean country, and is hoping a tribunal will order compensation.

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Ecuador is implementing a law that will allow the government to nationalize private oil companies:

President Rafael Correa announced Saturday that he will enact a change to Ecuador’s hydrocarbons law allowing the government to nationalize oil fields if a private operator doesn’t comply with local laws.

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The proposal to obtain international funds in lieu of developing Ecuador’s rainforests moves forward:

The Ecuadorian government and the United Nations Development Program are expected to sign an agreement on Aug. 3 creating a trust fund to manage international contributions to the Yasuni-ITT initiative.

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Ecuador President Rafael Correa leaves open the possibility of another election:

Ecuadorean President Rafael Correa left the door open on Sunday to dissolving the Andean nation’s legislature and calling for new general elections, about a year after the last poll.

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French oil company Perenco’s contract with Ecuador has been cancelled:

Ecuador’s Nonrenewable Natural Resources Minister, Wilson Pastor, has canceled the oil contracts of Anglo-French company Perenco Corp.

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A hydrocarbons law proposal is debated in Ecuador:

Ecuador’s Minister of Nonrenewable Natural Resources Wilson Pastor warned Thursday that suggested reforms to a proposed hydrocarbons law would prevent contract changes for “marginal” oil fields.

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Ecuador President Correa’s party fails to pass monetary law reform:

Members of Ecuador President Rafael Correa’s party in the legislature failed to pass a controversial monetary reform bill Tuesday aimed at using Central Bank deposits to fund investment projects.

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