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Repsol says reaches pre-accord with Ecuador gov’t

Spanish oil and gas firm Repsol YPF said it had reached a preliminary agreement with the government of Ecuador over remaining in the South American country.

The agreement includes a commitment by Repsol to invest $173.5 million until 2018 and foresees a reduction of taxes on extraordinary gains to 70% from 99%, the company said in a statement to the Spanish stock market regulator. (Reuters)