Correa extends deadline for Yasuní funds


Ecuadorian President Rafael Correa extended his deadline for receiving a downpayment on US$3.6 billion in international donations that he says Ecuador must be given over 12 years in return for ruling out new drilling in an oil-concession area in highly prized Yasuní National Park. Correa’s announcement concerns the 470,000-acre (190,000-ha) oil-concession area known as Ishpingo-Tambococha-Tiputini (ITT), virtually all of which is within Yasuní. His decision cheered opponents of oil development in the park. But the enthusiasm became muted this month when the state oil company, Petroamazonas, announced plans to start in 2013 to tap an estimated 30-40 million barrels of crude in Block 31, another oil-concession area located largely inside Yasuní. Scientists regard Yasuní, a 2.4-million... [Log in to read more]

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