Ecuador sets 10-day deadline for France's Perenco
Published: 19 Aug 2009 17:02:47 PSTQUITO, Aug 19 - Ecuador's oil minister on Wednesday set a 10-day deadline for France's Perenco to comply with its oil extraction contract and resume control of its fields in Ecuador.
Ecuador's state oil company Petroecuador seized control of Perenco's operations on July 16, after the company ordered a temporary halt of production over a tax dispute.
Oil minister Germanico Pinto told a press conference that the company has 10 days to explain why it decided to halt production last month and lay off all its workers.
Ecuador had seized the bulk of Perenco's production since March in a bid to collect more than $350 million it says the company owes in windfall taxes. Ecuador could terminate Perenco's contract on the grounds that the company is not producing oil.
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