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Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-24-10 11:55 PM
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Ecuador president imposes oil nationalization law
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Ecuador president imposes oil nationalization law
July 24, 2010, 5:48PM

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.

The law will go into effect Monday without the approval of the National Assembly because lawmakers failed to meet the time limit set to decide the bill's fate, Correa said.

Lawmakers called a last-minute session before the midnight Sunday deadline, but the president said he would not recognize the meeting because it was not called with sufficient anticipation.

Ecuadorean law allows the president to enact bills the government deems urgent if lawmakers fail to approve, modify or reject them within set time limits.

"The time periods have not been met and on Monday I will send this law to the official registry to be published and take effect," Correa said on the radio program "Dialogue."

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