Moody's upgrades Saudi Arabia's credit rating to Aa3 with stable outlook    Riyadh Metro to begin partial operations next Wednesday: Report    Al Okhdood halts Al Shabab's winning streak with a 1-1 draw in Saudi Pro League    Mahrez leads Al Ahli to victory over Al Fayha in Saudi Pro League    Al Qadsiah hands Al Nassr their first defeat in the Saudi Pro League    Saudi musical marvels takes center stage in Tokyo's iconic opera hall    Downing Street indicates Netanyahu faces arrest if he enters UK    London's Gatwick airport reopens terminal after bomb scare evacuation    Civil Defense warns of thunderstorms across Saudi Arabia until Tuesday    Saudi Arabia, Japan strengthen cultural collaboration with new MoU    Slovak president meets Saudi delegation to bolster trade and investment ties    Saudi defense minister meets with Swedish state secretary    Navigating healthcare's future: Solutions for a sustainable system    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Sixth foreign tourist dies of suspected methanol poisoning in Laos    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Trump picks Pam Bondi as attorney general after Matt Gaetz withdraws    Al-Jasser: Saudi Arabia to expand rail network to over 8,000 km    Sitting too much linked to heart disease –– even if you work out    Denmark's Victoria Kjær Theilvig wins Miss Universe 2024    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



PRESIDENT ORDERS ARMY TO OCCUPY GAS, OIL FACILITIES
Published in Saudi Press Agency on 01 - 05 - 2006


BOLIVIAN PRESIDENT EVO MORALES MONDAY SIGNED A
DECREE TO IMMEDIATELY NATIONALIZE THE COUNTRY'S GAS AND OIL INDUSTRY,
AND ORDERED THE MILITARY TO OCCUPY ENERGY FACILITIES, DPA REPORTED.
MORALES, 46, WHO WAS ELECTED PRESIDENT IN DECEMBER ON HIS PLEDGE
TO NATIONALIZE THE INDUSTRY AND MAKE COCA CROPS LEGAL, MADE THE
ANNOUNCEMENT DURING A MAY 1 SPEECH IN THE ENERGY MANAGEMENT CENTRE OF
SAN ALBERTO, IN THE SOUTHERN PROVINCE OF TARIJA.
WEARING A HARD HAT TYPICAL OF OIL WORKERS, MORALES SAID
INTERNATIONAL COMPANIES WOULD BE GIVEN 180 DAYS TO NEGOTIATE NEW
CONTRACTS. MOST OF THE COUNTRY'S NATURAL GAS DEALS WERE
SEALED IN 1996, WHEN BOLIVIA CONCEDED 40 YEARS OF RIGHTS TO REPSOL OF
SPAIN, PETROBRAS OF BRAZIL, TOTAL OF FRANCE AND BRITISH GAS.
"THIS IS A HISTORIC DAY, WHEN BOLIVIA RETAKES THE ABSOLUTE CONTROL
OF OUR NATURAL RESOURCES," MORALES SAID. "THE STATE IS RECOVERING THE
PROPERTY, THE POSSESSION OF AND THE TOTAL AND ABSOLUTE CONTROL OF
THESE RESOURCES."
BOLIVIA HAS THE SECOND LARGEST DEPOSITS OF NATURAL GAS IN LATIN
AMERICA, AFTER VENEZUELA. THE NATIONALIZATION MOVE CLASHES WITH THE
SECESSION EFFORTS OF THE RELATIVELY OIL-RICH REGIONS AROUND SANTA
CRUZ AND COCHABAMBA, WHO ARE TO VOTE IN JULY ON AUTONOMY.
MORALES, WHO PLEDGED IN DECEMBER THAT MULTINATIONALS WOULD NOT BE
CONFISCATED OR EXPROPRIATED, TOLD THE AUDIENCE THAT THE ENTIRE OIL
AND GAS PRODUCTION WOULD BECOME PROPERTY OF BOLIVIA, WHICH WILL
DEFINE "THE CONDITIONS, VOLUMES AND PRICES" FOR THE DOMESTIC AND
EXPORT MARKETS.
HE SAID THE INCOME WOULD SOLVE THE ECONOMIC AND SOCIAL PROBLEMS OF
THE ANDEAN NATION, ONE OF THE POOREST IN SOUTH AMERICA.
THE NATIONALIZATION MARKS THE THIRD TIME THE STATE TOOK OVER THE
ENERGY SECTOR, STARTING IN 1937 AND AGAIN IN 1969. MORALES CALLED
MONDAY'S DECREE THE THIRD AND DEFINITIVE NATIONALIZATION OF PETROLEUM
AND GAS.
THE VOLATILE ENERGY ISSUE BROUGHT DOWN PREVIOUS GOVERNMENTS,
INCLUDING THAT OF PRESIDENT GONZALO SANCHEZ DE LOZADA, WHO WAS FORCED
TO DROP PARTICIPATION BY CHILE IN BOLIVIA'S GAS INDUSTRY, AND CARLOS
MESA, WHO WAS THE SUBJECT OF INTENSE PROTESTS DEMANDING
NATIONALIZATION.
A FOREWARNING OF MONDAY'S DECREE WAS GIVEN LAST WEEK, WHEN CARLOS
VILLEGAS, BOLIVIA'S PLANNING AND DEVELOPMENT MINISTER, SAID IN AN
INTERVIEW IN WASHINGTON THAT OIL COMPANIES WOULD NO LONGER HAVE THE
FREEDOM TO SET PRICES AND EXPORT VOLUMES, BLOOMBERG NEWS SERVICE
REPORTED.
THE GOVERNMENT WAS ALSO TO IMPLEMENT A LAW PASSED LAST YEAR BY
CONGRESS TO BOOST TAXES TO 50 PER CENT OF OIL AND GAS OUTPUT, UP FROM
18 PER CENT TAXES, THE MINISTER INDICATED.
PRICES WOULD BE RAISED FOR NATURAL GAS EXPORTED BY PETROBRAS AND
REPSOL TO BRAZIL AND ARGENTINA, LATIN AMERICA'S LARGEST ECONOMIES,
VILLEGAS SAID.
SHORTLY AFTER HIS ELECTION IN DECEMBER, THE LEFT WING MORALES
DECLARED THAT THE GOVERNMENT WOULD EXERCISE "ITS RIGHT TO STATE
OWNERSHIP OF BOLIVIA'S HYDROCARBONS" THROUGH NEW LEGISLATION AND
RENEGOTIATION OF CONTRACTS WITH INTERNATIONAL COMPANIES. BUT HE
PLEDGED THAT HE WOULD SUPPORT OIL COMPANIES' OWNERSHIP OF ASSETS.
MORALES, THE FIRST PRESIDENT IN BOLIVIAN HISTORY FROM THE
COUNTRY'S INDIO ETHNIC MAJORITY, WON BOLIVIA'S PRESIDENTIAL ELECTION
BY A WIDE MARGIN. INDIOS MAKE UP 70 PER CENT OF THE POPULATION.
MORALES, WHO BECOMES THE FIFTH PRESIDENT SINCE 2002 IN BOLIVIA,
CAMPAIGNED ON A LEFT-WING PLATFORM THAT WOULD ALSO LEGALIZE COCA AND
REDISTRIBUTE WEALTH.


Clic here to read the story from its source.