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Last Updated: Monday, 4 December 2006, 08:14 GMT
Bolivia completes energy control
Worker at Bolivian state oil and gas firm YPFB
Bolivia wants to use its oil and gas profits to cut poverty levels
Bolivia has completed its policy of gas nationalisation, giving it control over the operations of foreign energy firms in the country.

Signed by President Evo Morales on Sunday, the agreements finalise a process started on 1 May.

Bolivia will gain a majority of the revenues from foreign energy firms.

Companies affected by the deal include Brazil's state-run Petrobras, Spanish Argentine Repsol, France's Total and British Gas.

Mr Morales also said Royal Dutch Shell would transfer majority control in Transredes, the firm's Bolivian arm.

"We have now completed the first step," said Mr Morales.

"This process will continue next year with the recovery of other natural resources benefiting the Bolivian people."

Bolivia has the second largest natural gas reserves on the continent behind Venezuela.

When President Morales' signed the decree which started the process on 1 May, he gave foreign firms six months to sign contracts giving up majority control of their Bolivian operations or leave the country.


SEE ALSO
Bolivia signs oil and gas deals
28 Oct 06 |  Business
Bolivia 'backs Morales reforms'
03 Jul 06 |  Americas
Bolivian miners clash with troops
24 Jun 03 |  Americas
Country profile: Bolivia
03 Jul 06 |  Country profiles

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