Bolivia Nationalization Gains Ground
The Bolivian government took control of energy resources after signing 44 oil contracts with 12 transnational companies, the most publicized event of the week that concludes today.

One year and one day after issuing the nationalization decree, President Evo Morales signed the agreements to regulate the future relationship between the State, represented by Yacimientos Petroliferos Fiscales Bolivianos (YPFB), and the oil companies.

After signing the documents, Morales committed himself to respecting foreign investment in the country.

"As a State, as Bolivians, as a nation, as authorities, we have the obligation to honor those agreements, respect legal security, but we also invite you to do the same," Morales told the representatives of the transnational oil companies.

After the accords were inked, YPFB took real control over the oil fields that were in the hands of foreign companies, whose production will be commercialized by the Bolivian state-owned company.

According to official sources, the agreements will allow the Bolivian State to have revenues of 1.57 billion dollars.