The companies will have the option of agreeing to be paid for getting the oil out of the ground, as the government wants, or to continue under present terms and pay the government a 99 percent tax for windfall profits above contracted prices.
Companies also may leave, in which case the country will pay them for investments carried out to date, said Correa, a U.S.- educated economist.
http://www.bloomberg.com/apps/news?pid= ... i90riLiNEk
Interesting that Colombia violated Ecuadorian Sovereignty and caused this incident, just ahead of this important deadline.
Want to bet the US is behind it?
<b>This isn't about FARC, it's about Ecuador nationalizing it's oil fields on March 8th.</b>
Could this be the 'incident' Chavez warned us about?
<b>US, Columbia plotting 'incident' to spark war with Venezuela</b>
President Hugo Chavez on Saturday charged that the United States and Colombia were plotting an incident that would spark a war with Venezuela.
"I alert the world of the following," said Chavez, speaking at the Bolivarian Alternative Summit of the Americas (ALBA). "The US empire is creating conditions to generate an armed conflict between Colombia and Venezuela."
"I accuse the government of Colombia of devising a conspiracy, acting as a pawn of the U.S. empire, of devising a military provocation against Venezuela," Chavez said.
"A military aggression is being prepared," Chavez added.
But he warned Colombia not to attempt a "provocation" and said Venezuela would cut off all oil exports in the event of a military strike from the neighboring country.
"In that scenario, write it down: the price of oil would reach $300, because there wouldn't be oil for anyone," Chavez said. "The invaders would have to step over our dead bodies."
http://www.southcoasttoday.com/apps/pbc ... /801260363
Noticed the US/Western Media Propaganda light is now lit and aimed at Ecuador's President Correa.
<b>A Viper in their Midst</b>
Eloy Alfaro base Manta, Ecuador
The Eloy Alfaro base is used to rotate U.S. troops in and out of Columbia, and to house an immense network of private corporations who do most of the military's dirty work in Columbia. According to the Miami Herald , U.S. mercenaries armed with M-16s have gotten into fire fights with guerrillas in southern Columbia, and American civilians working for Air Scan International of Florida called in air strikes that killed 19 civilians and wounded 25 others in the town of Santo Domingo.
The base is crawling with U.S. civilians—many of them retired military—working for Military Professional Resources Inc., Virginia Electronics, DynCorp, Lockheed Martin (the world's largest arms maker), Northrop Grumman, TRW, and dozens of others.
It was U.S. intelligence agents working out of Manta who fingered Revolutionary Armed Forces of Colombia leader Ricardo Palmera last year, and several leaders of the U.S.-supported coup against Haitian President Bertram Aristide spent several months there before launching the 2004 coup that exiled Aristide to South Africa.
“Privatizing” war is not only the logical extension of the Bush administration's mania for contracting everything out to the private sector; it also shields the White House's activities from the U.S. Congress. “My complaint about the use of private contractors,” says U.S. Rep. Jan Schakowsy (D-IL), “is their ability to fly under the radar to avoid accountability.”
The role that Manta is playing in the northern part of the continent is what so worries countries in the southern cone about Mariscal Estigarribia. “Once the United States arrives,” Argentinean Nobel Peace Prize laureate Adolfo Perez commented about the Paraguay base, “it takes a long time to leave.”
http://www.fpif.org/fpiftxt/2939
"For my part, whatever anguish of spirit it may cost, I am willing to know the whole truth; to know the worst and provide for it." - Patrick Henry
The level of injustice and wrong you endure is directly determined by how much you quietly submit to. Even to the point of extinction.