INTERNATIONAL TRADE
From Times Staff and Wire Reports
Ecuador to Open Oil Industry to Foreigners: Ecuador’s new government will encourage foreign companies to explore for crude and bid for parts of the state-run petroleum company. The energy minister-designate said foreign funds and technology are critical to increasing the reserves of Ecuador, a member of the Organization of Petroleum Exporting Countries. The security of the petroleum industry is crucial in a nation that counts on oil for about 40% of its export revenue and to finance half of its government spending needs.
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