Ecuador's President Rafael Correa is to introduce a bill that would allow him to nationalize foreign oil company assets if the companies refuse to sign new contracts. "I've run out of patience," Correa said in April during a regular radio and television broadcast. "We are sending a bill to the Assembly that would allow for the expropriation of oil fields if the companies don't want to sign the new contracts."rnCorrea said earlier in April that he would set a deadline for the companies to agree to new deals, under which they would be paid set fees per barrel of oil they produce, rather than sharing profits, as they do under the current model. While Correa has made no additional mention of a deadline, then oil minister Germanico Pinto previously said the target was May 31.
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