Ecuador President Rafael Correa presses for greater investments from oil companies

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President Rafael Correa today pledged to ‘change the rules of the game’ between Ecuador and oil companies if new contracts fail to include greater benefits for the South American country.

Correa said previous administrations allowed inadequate investment plans from state petroleum company Petroecuador. Private firms from other countries should sign new contracts in the coming year that help bring more wealth to Ecuador, he said.

“Either they sign the new contracts by March or we are going to change the rules of the game and the relationship between the companies and the state,” Correa said during a televised town hall meeting, according to Reuters. “I will meet with the companies and we are going to speak plainly. They will invest or leave the country.”

-- Efrain Hernandez Jr.