President Rafael Correa of Ecuador has announced that Ecuador will keep 99 percent of windfall oil profits, changing a law that called for a 50-50 share with foreign oil companies of profits stemming from rising oil prices.

By a new decree “it is established that 99 percent of the windfall oil profits will go to the state and the remaining one percent to companies,” Correa said. The president said the previous law had to be changed because “its not enough for Ecuador to get 50 percent” as in the past.

He said the new law puts an end to “the distribution system by which for every 100 barrels of oil, the country (Ecuador) would only keep between 46-48 barrels.” Foreign oil “companies still make extraordinary profits, making the current contracts unfair for the Ecuadoran state,” said the presidential decree signed yesterday.