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Ecuadorean president demands new pipeline contract
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QUITO, Ecuador - President Rafael Correa says Ecuador will insist on renegotiating a contract for transporting oil via a pipeline jointly owned by foreign companies he accuses of cheating on taxes.
Correa charged Saturday that the owners of the OCP pipeline reported fictitious loans with high interest rates, withheld the real cost of shipped crude oil and inflated the price of the pipeline's construction.
The owners did not immediately comment. Correa says they include Spain's Repsol, Brazil's Petrobras, Italy's Agip, France's Perenco and China's Andes Petroleum.
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