Ecuador sees $700 mln/year from oil rev rise-source

QUITO, Oct 4 (Reuters) - Ecuador expects to receive around $700 million a year from its increase in the state's share in foreign oil company revenues above a benchmark price, an economy ministry source said on Thursday.

Ecuador's President Rafael Correa on Thursday decreed an increase in the portion of oil revenues companies must hand over to the state above a benchmark price from 50 percent to 99 percent. Correa is demanding companies renegotiate their contracts to increase state participation in revenues.