Connect with us

Hi, what are you looking for?

Capital Business
Capital Business


Ecuador to miss OPEC meeting

VIENNA, May 27 – Ecuador\’s Oil Minister Derlis Palacios will not attend Thursday\’s OPEC meeting, the country\’s ambassador to Vienna told AFP Wednesday amid major legal disputes with foreign oil firms in Ecuador.

The ambassador, Diego Stacey, who will stand in for the minister at the meeting, said Palacios would not be able to attend due to "force majeure" but gave no further details about the minister\’s absence.

The unusual absence by one of its 12 members from the meeting of the Organization of Petroleum Exporting Countries comes as Ecuador is renegotiating contracts with foreign oil firms operating in the country.

Foreign oil companies, including France\’s Perenco, Repsol-YPF, Brazil\’s Petrobras and China\’s Andes Petroleum, account for half Ecuador\’s oil extraction.

But in March, the government impounded 70 percent of Perenco\’s production, saying it would go to pay the firm\’s 338 million dollar tax debt.

Ecuador is the smallest member of OPEC and averaged a daily production of 505,000 barrels of oil in 2008.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...