INTERNATIONAL TRADE
- Share via
From Times Staff and Wire Reports
Ecuador to Open Oil Industry to Foreigners: Ecuador’s new government will encourage foreign companies to explore for crude and bid for parts of the state-run petroleum company. The energy minister-designate said foreign funds and technology are critical to increasing the reserves of Ecuador, a member of the Organization of Petroleum Exporting Countries. The security of the petroleum industry is crucial in a nation that counts on oil for about 40% of its export revenue and to finance half of its government spending needs.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
