Ecuador's congress has voted to impose a 60% tax on "extraordinary profits" earned by foreign investors in the oil sector.
The legislation, passed March 31 could earn the country up to $570m in revenue.
Economy Minister Diego Borja said: "Profit margins for foreign companies have been very great and a clause in favour of the state could lead to economic equilibrium between the two," in a Financial Times interview.
The tax, however, could further damage Ecuador's reputation among international oil companies
