Bolivia’s second attempt to nationalize oil and gas

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Bolivian Vice President Alvaro Garcia Linera warned oil companies that time is running out for agreeing new contracts in compliance with the country’s nationalization of the hydrocarbons industry.

Garcia Linera said at a press conference that the government was aware of some companies alleged attitude of stalling the process but insisted that come October 31, if no agreements are signed, Bolivia’s government managed oil company YPFB was ready to take over oil and natural gas assets.

"We told them in a very firm and respectful way: the timetable is not going to be changed, if by October 28 they have not concluded ... contracts that benefit the firm and the country, we will proceed as set forth in the nationalization decree" he said.

In the May 1 decree, Socialist President Evo Morales gave foreign energy companies doing business in Bolivia six months to accept minority shares in partnerships with YPFB. Firms unable or unwilling to accept that condition face having to abandon their operations in Bolivia and then negotiate with La Paz compensations.

MercoPress

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1. Go Bolivia.

It is way past time for us to do it here.

Our oil companies have actively worked against our national interest. Energy is far too vital to a nation's economy and security to be a profit center itself.