Bolivia Readies for Nationalization

La Paz
The Bolivian government is preparing a decree to nationalize hydrocarbons, Minister Andres Soliz confirmed on Friday, adding that the official stance on that matter will be defined after the document is approved.

Soliz´ statements came after attending a meeting between President Evo Morales and Antoni Brufau, CEO of the Spanish transnational Repsol YPF, who accepted the new rules, according to the minister.

The hydrocarbon minister said that President Morales will announce the decree, release the new national policy and present the models of contracts for foreign companies.

As promised in the election campaign, the Morales administration plans to nationalize and recuperate State ownership of gas and oil fields and to have full State control over production, processing and commercialization, without expelling the transnational companies, which will have to operate under conditions equitable for the country.

The government is prioritizing industrialization to export products with added value instead of as raw material.