Ecuadorean Threat to Nationalize Oil

(Quito, Ecuador) Nationalizing industries seems to be a sport for Latin American strongmen.

Ecuadorean President Rafael Correa said on Sunday he would nationalize oil foreign companies who continue to reject new state-proposed deals.

The government is trying to persuade foreign oil operators to give up profit-sharing deals and sign new service-provider agreements, under which their profits will be determined by Quito.

"I've ran out of patience. All my numerous requests to review terms of oil extraction for foreign businesses were ignored," Correa said on the national TV.

"In the coming weeks I will send a bill to Congress, giving me the authority to nationalize foreign companies which refuse to sign new agreements," he said.

Heh.