Ecuador Protesters are Optimistic over Oil Deal

[nosmokes]

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QUITO - Protesters whose attacks have choked off Ecuador's oil exports held out hopes on Tuesday for reaching a deal under which energy companies would invest more in the poor Amazon communities where they drill.

But sticking points remained in the talks among protesters, the government and oil firms -- such as the amount of tax revenue that would go toward development projects in communities surrounding Ecuador's oil fields.

"We are cautiously optimistic that the dialogue will advance, allowing us to arrive at an agreement," Maximo Abad, mayor of the eastern oil town of Lago Agrio and one of the organizers of the attacks, said.
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Venezuela offered on Tuesday to send Ecuador 500,000 barrels of crude to help the country cover its export requirements, along with 500,000 barrels of fuel, with shipments of similar or higher volumes possible in October, Ecuadorean officials said.

Ecuador, which is South America's fifth-largest crude oil producer, also plans to import fuel for domestic use and seek a $400 million loan from the Latin American Reserve Fund to avoid balance-of-payment problems from the oil stoppages.
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complete article at link

Story by Hugh Bronstein

Story Date: 24/8/2005

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© Reuters News Service 2005

[burrowowl]

1. I hope it bodes well for the protesters

but, things might go well for a month and then ....
Just don't trust mlti-national corporations, just raises the hairs on my back!