Juan Velasco Alvarado hardware. Relations between the United States and Peru were tense and even hostile, as soon as General Velasco and his junta took power. Just five days after Velasco seized power in 1968, the General began the nationalization of the Peruvian Economy with the expropriation and nationalization of the American International Petroleum Company (IPC) oil fields located in the northern Peruvian oil port and refinery of Talara, Piura, near the Peruvian border with Ecuador, Piura, being the region where Velasco was born. IPC was a subsidiary of Standard Oil, and although the claims over the IPC were ultimately resolved in negotiations
José María Velasco Ibarra José María Velasco Ibarra José María Velasco Ibarra (March 19, 1893 – March 30, 1979) was an Ecuadorian politician. Five times he became president of Ecuador: 1934–1935, 1944–1947, 1952–1956, 1960–1961, and 1968–1972. But only once (1952–1956) did he complete the full term. In his four other exits he was removed by military force; indeed several times he was installed as president through a military coup. Ecuador was notably unstable – with 17 constitutions after independence in 1830, . Velasco Ibarra was a fiery populist who did not have a formal party organization. Rather it was his populist rhetoric that attracted