Bolivia completes takeover of 4 energy companies
May 5, 2008
According to Reuters, Bolivia''s leftist government said recently it completed the purchase of majority ownership of four energy companies by buying back shares in the firms as part of a nationalization drive started exactly two years ago.
In a paid advertisement in La Razon newspaper, state-run energy company YPFB said it took control of Andina, previously controlled by Spain''s Repsol YPF; Chaco, previously held by BP Plc and Pan American Energy; and pipeline company Transredes, formerly controlled by Ashmore Energy International Ltd.
YPFB did not provide details of the operation that leftist President Evo Morales had promised to complete by April 30.
The government also said it completed the buyout of storage and fuel transport firm CLHB, controlled by German and Peruvian firms.
The announcement came just days before the wealthy region of Santa Cruz, home to Bolivia''s natural gas reserves, votes in a referendum for autonomy from the central government.
Bolivia has South America''s second-largest natural gas reserves, after Venezuela, and supplies neighboring Argentina and Brazil with the fuel.