• Categories
  • Archives

Emergency Summit on Bolivia’s Oil Nationalization Takes Lula to Argentina

The presidents of Bolivia, Venezuela, Argentina and Brazil are holding an emergency summit over Bolivia’s decision to nationalize its oil and natural gas industry.

Today’s talks are being held in the northern Argentine town of Puerto Iguazu.

Bolivian President Evo Morales nationalized his country’s energy industry on Monday, May 1st, drawing concern from energy firms, investors and some foreign governments.

Both Brazil and Argentina rely heavily on Bolivian gas. Brazil’s state-owned oil company, Petrobras, announced it was suspending investments in Bolivia in response to the nationalization.

But Venezuelan President Hugo Chavez traveled to Bolivia on the eve of today’s summit to support Mr. Morales.

Under the decree, foreign energy companies will have to sign new operating contracts within 180 days or leave Bolivia and turn over most production control to its state-owned oil company.

Spain says it will soon send a delegation to Bolivia to discuss the decree. Spain’s Repsol energy firm is one of several foreign companies operating in Bolivia.

Bolivia has the second-largest natural gas reserves in South America after Venezuela.



  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


You May Also Like

US$ 1.2 Billion for Brazil’s Environment

The World Bank will lend Brazil US$ 1.2 billion over the course of four ...

Brazil Celebrates Victory Against EU at WTO

The São Paulo (Brazil) Union of Sugarcane Agro-industry (Unica) considers a real victory of the ...

Good Times Bring Brazil, West Africa and India Together

Brazilian President, Luiz Inácio Lula da Silva and the prime minister of India are ...

November 1993

CONTENTS: Cover: Battling Hunger (p. 7) Short Story: Mafra Carbonieri (p. 13) Gearing up ...

Why Brazilians Should Demand the Renationalization of Petrobras

It is imperative that the Brazilian government follow a major global trend and start ...

US President George W. Bush

Bush Going to Brazil in March. Chí¡vez Seen as a Reason

American President, George W. Bush, is going to visit Brazil early next month, according ...

Best-seller books, plays & movies

PLAYS Abelardo, Heloísa – Tragic love story from the 12th century is retold. Play ...

Another Made-in-Brazil Submarine is Sea Ready

The fourth submarine built in Brazil will be set to sea on Wednesday, March ...

Brazil Beefs Up Cuba Ties with Deals and US$ 1 Billion Help Package

Cuban leader Fidel Castro is lucid and healthy enough to resume a political role ...