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Court voids and extends royalty law.

BOGOTA -- Colombia's Supreme Court has declared unconstitutional a 2000 law that changed the country's royalty system for oil and gas production. However, the court will allow the law to stay in effect until next June in order to give Congress time to rewrite it. The court ruled that the law was illegal because the Chamber of Deputies and the Senate passed different versions. Congress is expected to simply pass new versions of the original law. Regional governments appealed the law because it reduced royalty rates, which cut payments to the provinces.
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Title Annotation:royalty system for oil and gas production in Colombia
Publication:America's Insider
Article Type:Brief Article
Geographic Code:3COLO
Date:Jul 12, 2001
Words:91
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