Ecuador: Oil minister Galo Chiriboga
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Petrobras agrees to new oil deal
Brazilian oil company Petrobras has agreed to switch to a new service contract with Ecuador, Oil Minister Galo Chiriboga said.
The new contract will allow the company to be paid a service fee for extracting oil instead of keeping part of the crude.
President Rafael Correa has been negotiating to get foreign oil companies to switch to the new contracts to increase state control over the country's energy resources.
Chiriboga said the government and Petrobras would meet to work out details of the new service contract, but he gave no details on when the deal would be signed, said a Reuters note.