(ARGENTINA INDEPENDENT) Bolivia: Evo Morales Announces Nationalisation of Spanish Electric Company
Bolivia: Evo Morales Announces Nationalisation of Spanish Electric Companyby Allendria Brunjes, 01 May 2012.
The Red Eléctrica Internacional SAU is now in Bolivian hands, after President Evo Morales announced today the nationalisation of the Spanish-owned electric company.
About an hour before the Labour Day announcement, military personnel in Cochabamba occupied Calle Colombia outside of the Transportadora de Electricidad building, according to the Bolivian daily Página Siete.
The national newspaper reported that the president read a Supreme Decree of nationalisation, then instructed the Armed Forces to take over the company’s headquarters.
“Nationalised are all the shares comprising the capital stock held by the company Red Eléctrica Internacional SAU, to be transferred and registered as shares of the State of Bolivia under the ownership of the National Electric Company of Bolivia (NSDS).”
Morales said that the decision is a fair recognition to the workers and the Bolivian people who “fought for the recovery of natural resources and basic services.” He noted the nationalisations of oil companies, telecommunications and power generation facilities that also share the May 1 anniversary. On May 1, 2010 the president also nationalised the four largest hydroelectric plants in Bolivia.
The move comes just a couple of weeks after Argentine President Cristina Fernández de Kirchner announced that her country would be renationalising YPF, taking over 51% of the oil giant’s shares. The move was met with hostility from Spain, where Repsol-YPF is currently based.
“Breaking the rules comes with a cost and Argentina could turn itself into an international pariah,” Spain’s secretary of state for European Affairs Inigo Mendez de Vigo said in an interview after the announcement.
Labels: BOLIVIA, EVO MORALES, ITC, NATIONALISATION
posted by MrK @ 1:11 AM
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