The Ecuadorian government hopes to sign new service contracts with private oil companies operating in the country to replace several current transitory participation deals, Mines and Oil Minister Germanico Pinto said Tuesday, and to have them in place by next year.

Ecuador wants to switch all current agreements with private companies to service contracts and to take more control over its natural resources.

Pinto said that by the middle of September there will be the draft of the new contract ready.

According with preliminary plans, in October the Ministry will start negotiations with Andes Petroleum, a joint venture between two giant Chinese state-run oil companies, China National Petroleum Corp. and China Petroleum & Chemical Corp. (SNP), known as Sinopec.

The negotiations will continue with Brazilian state-run oil company Petroleo Brasileiro SA (PBR) and Spanish oil company Repsol YPF SA (REP), among others.

Agip Oil, a local unit of Eni SpA (E), the only company that now has a services contract, must sign a transitory contract which will be changed in one year for another service contract in line with the new model.

-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653; mercedes.alvaro@dowjones.com