Bolivia sends soldiers to occupy gas fields

[NNN0LHI]

http://www.forbes.com/work/feeds/ap/2006/05/01/ap2712295.html

Update 15: Bolivia Moves to Nationalize Gas Industry
By ALVARO ZUAZO , 05.01.2006, 09:35 PM

President Evo Morales decreed he was nationalizing Bolivia's vast natural gas industry Monday, sending soldiers to occupy gas fields and threatening to evict foreign companies unless they give the Andean nation control over the entire chain of production.

The move fulfills an election promise by the leftist president, who has forged close ties with Cuba's Fidel Castro and Venezuela' Hugo Chavez, to increase state control over Bolivia's natural resources, which he says have been "looted" by foreign companies.

Morales sent soldiers and engineers with Bolivia's state-owned oil company to installations and fields tapped by foreign companies - including Britain's BG Group PLC and BP PLC, Brazil's Petroleo Brasileiro SA, Spanish-Argentine Repsol YPF SA, France's Total SA and Texas-based Exxon Mobil Corp. The companies have six months to agree to new contracts or leave Bolivia, he said.

"The time has come, the awaited day, a historic day in which Bolivia retakes absolute control of our natural resources," Morales, Bolivia's first Indian president, said in a speech from the San Alberto field operated by Petrobras in association with Repsol and Total SA.

[Me.]

1. Interesting

I wonder where this will lead....


*shadow government*

[Cleita]

2. I would really like to be positive about this.

It is a nation that has had so many revolutions, governments and upheaval that I hope there is a positive solution. Considering that the majority of Bolivians are native Americans, I hope he has the solution. There are so many other outside interests he is going to have to placate and give the boot too.