Ecuador warns oil companies to keep up investments

QUITO, Sept 17 (Reuters) - Ecuador could cancel contracts with petroleum companies if they do not fulfill their investment plans, Oil Minister Germanico Pinto said on Thursday in the government's latest warning to the private sector.

The socialist government has a troubled relationship with foreign investors, punctuated by tax and other legal disputes. But Pinto said that so far, he sees no signs of companies failing to live up to their investment commitments.

"If we detect that a business is not fulfilling its plans, we would start a legal process. And what does the law say? It says there is a process for canceling contracts," Pinto told local radio.

Spain's Repsol (REP.MC), Brazil's Petrobras (PETR4.SA) (PBR.N), Chinese consortium Andes Petroleum and Italy's Eni (ENI.MI) operate in OPEC-member Ecuador despite President Rafael Correa's ongoing spats with the private sector.

Last year, his government defaulted on $3.2 billion in global bonds, calling the debt "illegitimate". He has ordered petroleum contracts to be renegotiated as part of his push for greater state control over natural resources.

Correa wants foreign oil companies to give up their profit-sharing deals and sign new contracts under which they would become service providers.

The president sides with indigenous groups that have brought a $27 billion environmental damages lawsuit against U.S. petroleum company Chevron Corp (CVX.N), which no longer has operations in the Andean country. (Reporting by Alexandra Valencia, writing by Hugh Bronstein; Editing by Marguerita Choy)