Bolivia extracts deal for nationalising gas -

IN A victory for leftist President Evo Morales, the Bolivian government has reached agreements with all foreign oil and gas companies operating in the country on ways to nationalise the gas industry.
"With these contracts, we will resolve the problem of social injustices and will avoid public unrest in the future," an elated Mr Morales said in a speech.
"We will assert out rights to our natural resources without expelling anybody or expropriating any property."
The deals will allow the left-wing government to move ahead with its nationalisation plans for the gas industry that is expected to bring in additional revenue to fight poverty.
Bolivia's share of the profits from natural gas exploration will increase from $US200 million ($262 million) a year to about $US4 billion, according to the president.
The announcement came after the government earlier signed deals with Brazilian oil and gas giant Petrobras and Spain's Repsol that control respectively 47 per cent and 27 per cent of the Bolivian gas market.
Petrobras president Sergi Gabrielli told the Brazilian network Globo in an interview broadcast from La Paz that Petrobras "will continue exploring and producing gas in Bolivia for sale in Brazil and abroad".
On Friday similar accords were signed with France's Total and US firm Vintage. The deals with Total and Vintage will require them to turn over their oil and gas production to the state energy company YPFB for marketing to local and international buyers.
"With the signing of these accords, we confirm our commitment to the process of nationalisation," said Oil and Gas Minister Carlos Villegas.
Officials said Britain's BP would also be signing a new deal with the government.
AFP