Bolivia Siezes & Nationalizes Oil Company Charco

Un Map of Bolivia

Un Map of Bolivia

According to Reuters, President Evo Morales says that Bolivia’s government has nationalized energy producer Charco, after seizing full control of the oil company from Pan American Energy(controlled by BP Plc).

Last year talks between Morales and Pan American Energy over the transfer of it’s 51% stake in Chaco to the Bolivian-state run energy company YPFB fell through. During talks, YPFB already had claim to 49% of Chaco.

Soldiers Securing Gas Facilities and hanging Celebratory Banners via BBC

Soldiers Securing Gas Facilities and hanging Celebratory Banners via BBC

In the same year Morales seized control of pipeline company Transredes from it former owner Ashmore Energy International. Chaco says it controls approximately 20 fields, half of which are producing hydrocarbon.

Bolivia is South America’s top natural gas exporter and currently provides shipments to Brazil and Argentina.

http://timesofindia.indiatimes.com/Business/International_Business/Bolivia_nationalizes_energy_firm_Chaco/rssarticleshow/4024772.cms

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