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Bolivian Oilfields Nationalized as Troops

[righand99]

Bolivian Oilfields Nationalized as Troops Take Control Xinhua Financial News Monday, May 01, 2006 Bolivian army troops took control of oilfields, officials said, as President Evo Morales issued a formal decree nationalizing Bolivia's oil and natural gas resources. The takeover by troops of oilfields was announced by the army's top command moments after the president announced a formal decree nationalizing the petroleum operations. The measure "seeks to ensure the functioning of oil facilities to guarantee the normal supply of energy in accordance with international agreements as well and to fulfill domestic needs," an army statement said shortly after the president's announcement. The left-wing president used a May Day speech at San Alberto gas field in southern Bolivia to make the announcement. Morales was elected in December on a pledge to take a bigger share of earnings from Bolivia's vast energy resources for South America's poorest country. Morales said foreign energy companies would have to agree new contracts with the state run oil company, Yacimientos Petroliferos Fiscales Bolivianos (YPFB), within 180 days. Bolivia has the second highest natural gas reserves in Latin America, behind Venezuela.