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Ecuador oil workers to protest against oil reform

QUITO, Feb 18 (Reuters) - Ecuador's powerful oil worker's union warned Friday it would take action in protests if Congress passes a law to open the Andean country's oil sector to further foreign investment.

``We will plan our actions as the issue develops. As soon as they pass the law, we'll take whatever actions we have to take,'' said Diego Cano, head of the union representing workers for Petroecuador, the country's state-run oil firm and largest source of revenue.

The warning comes after new President Gustavo Noboa sent Congress this week a list of proposals to boost Ecuador's battered economy, including a bill which would allow foreign energy firms greater access to the country's oil sector.

The package also includes a bill which would virtually scrap the local sucre currency for the U.S. dollar and other bills to open up the electricity and telecommunications sectors to foreign investment.

Petroecuador's workers took part in protests in January which ended with the removal of President Jamil Mahuad, after which Noboa, his vice president, took power.

``The proposal gives President Gustavo Noboa authoritarian powers to take from Ecuador's 12 million people their most important asset,'' Cano said at a press conference.

Noboa claims more foreign investment will help the country emerge from its worst economic crisis in decades and support the ``dollarization'' move with an increased influx of dollars.

Congress is expected to begin debating the package of bills on Monday.

Ecuador is Latin America's fourth largest exporter of crude oil and sixth biggest producer.