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Too good to last much longer
The markets have run up too fast too soon to sustain without a healthy correction. In the near term, global markets cues, FII activities and rupee movement remain the key, writes Ambareesh Baliga. Full Article
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Petroecuador raises 2009 investment budget to $1.7BN
QUITO, July 15 |
QUITO, July 15 (Reuters) - Ecuador's state-run oil company Petroecuador has raised its investment budget for 2009 to $1.69 billion from $1.07 billion, the company said on Wednesday.
Over $194 million has been earmarked for investment in oil production projects and the drilling of wells, the company said in a statement.
OPEC-member Ecuador produced just over 485,000 barrels of crude oil per day in May and Petroecuador produced nearly 260,000 barrels a day.
The company received $402.6 million for exports of crude oil and derivatives in May, down 48 percent from the same month last year, the central bank said last week.
Leftist Ecuadorean President Rafael Correa is striving to increase state revenue from the key oil sector and has vowed to invest heavily to boost Petroecuador's output.
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