Ecuador offers to buy out oil companies

President Rafael Correa says Ecuador wants to buy out private oil companies unwilling to negotiate new deals with his government.

Correa has asked companies now suing over an October decree that slashed their share of windfall oil profits to 1 percent to drop their lawsuits.
Ecuador on Friday offered to boost those companies’ share of soaring windfall profits to 30 percent. If companies aren’t happy with that offer, Correa says his government will buy their assets at “a fair price.”

AP