OTCQX:DMMIF - Post by User
Comment by
brianjoyce2on Oct 09, 2008 4:08am
306 Views
Post# 15515760
more story
more story
https://www.rigzone.com/news/article.asp?a_id=67624
President Rafael Correa swore in Delis Palacios as Ecuador's new minister of energy in a ceremony Wednesday at the presidential palace.
Palacios succeeds Galo Chiriboga, who stepped down after 15 months in the job for what a source at the Ministry of Mines and Petroleum told Efe were "strictly personal" reasons.
The change comes as Quito is pushing the foreign oil companies with interests in Ecuador to shift from production-sharing accords to services contracts that keep ownership of the petroleum in state hands.
Chiriboga's resignation also follows Correa's public admonition to the foreign energy firms to begin investing in their Ecuadorian operations if they wished to remain in the Andean nation.
"Gentleman of the oil trasnationals, don't play with fire," the president said earlier this week. "You know that I don't joke and (that) I speak seriously. The Ecuadorian people and you have learned to believe us. Don't play with fire; invest, restore production or leave the country."
Ecuador produces roughly 500,000 barrels per day of crude. Oil is the country's main export and revenues from its sale finance about 35 percent of government spending.
Copyright (C) 2008. Agencia EFE S.A.