Ecuador’s government and Spanish oil company Repsol YPF signed a one-year transitional deal giving the South American nation a greater share of oil profits, ending months of dispute.
Energy Minister Derlis Palacios said the agreement gives Ecuador 28 to 46% of profits, depending on prices. Previously it received 17%.
When the deal expires, the two sides will ink a new deal that changes from payment in a per-barrel percentage to payment for service.