From the WSJ: "Ecuadorean officials said the cancellation of US-based Occidental Petroleum Corp.'s contract and the seizure of the company's assets didn't mean the Andean nation is nationalizing its oil industry."
Right. Petroecuador is busy compensating them as I type this, I'm sure [sarcasm]. This is yet another example of why it's best to own not the companies but they natural resources they are producing. Governments will continue to nationalize mines and facilities and impose windfall profits taxes on producers.
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