Firms reviewing Ecuador oil rev hike - trade group

QUITO, Oct 5 (Reuters) - Ecuador's move to increase the state's share of oil company revenue is equal to a "nationalization" of the industry, the head of an association of private oil firms working in the country said on Friday.

"This modification is equivalent to a nationalization," Rene Ortiz told Reuters.

Ortiz said after meeting with members of the local hydrocarbons association that private companies were still evaluating the impact of a decree forcing firms to hand over almost all extra revenue they earn when oil prices climb above a benchmark in their contracts.