- Title: BOLIVIA: President Morales announces takeover of Spanish power company
- Date: 2nd May 2012
- Summary: LA PAZ, BOLIVIA (MAY 01, 2012) (REUTERS) PRESIDENTIAL PALACE BOLIVIAN PRESIDENT EVO MORALES COMING DOWN STEPS AT THE PRESIDENTIAL PALACE VARIOUS OF PEOPLE DURING MAY DAY RALLY (SOUNDBITE) (Spanish) BOLIVIAN PRESIDENT EVO MORALES, SAYING: "We have decided -- president, vice president, the cabinet -- to nationalize Transportadora de Energia Electrica (TDE), to nationalize energy transmission." GENERAL VIEW OF AUDITORIUM (SOUNDBITE) (Spanish) MORALES, SAYING: "In accordance with the national constitution and the national development plan, government policy is intended to recover the control and management of strategic companies, among these, the Transportadora de Energia Electrica, which makes the recovering and controlling of TDE necessary." VARIOUS OF AUDITORIUM (SOUNDBITE) (Spanish) MORALES, SAYING: "To clarify for national and international public opinion. This company used to be ours. And we are now nationalizing what used to be ours." MORE OF AUDITORIUM VARIOUS OF MORALES SIGNING DECREES SOLDIERS
- Embargoed: 17th May 2012 13:00
- Keywords:
- Location: Bolivia, Plurinational State Of
- City:
- Country: Bolivia
- Topics: Economy,Politics,Energy
- Reuters ID: LVA8EO955SOR0XLQQA608HUYV7KX
- Aspect Ratio:
- Story Text: Bolivian President Evo Morales marks May Day with the nationalization of Spanish Red Electrica unit.
Bolivia announced on Tuesday (May 1) that it would nationalize the local unit of Spain's Red Electrica, saying the power transmission company, called TDE, was not investing enough in the country.
Bolivian President Evo Morales made the announcement during a May Day rally marking International Workers' Day in La Paz. The move could widen the breach between foreign investors and the South American country and comes as Argentina's Congress prepares to approve government plans for expropriating a 51-per cent staking in oil company, YPF>
"We have decided -- president, vice president, the cabinet -- to nationalize Transportadora de Energia Electrica (TDE), to nationalize energy transmission," Morales said.
Morales, who nationalized the oil industry on May 1, 2006, said the nationalization was in line with the government's development plan.
"In accordance with the national constitution and the national development plan, government policy is intended to recover the control and management of strategic companies, among these, the Transportadora de Energia Electrica, which makes the recovering and controlling of TDE necessary," Morales said.
"To clarify for national and international public opinion. This company used to be ours. And we are now nationalizing what used to be ours," Morales added.
Morales and Venezuela's Hugo Chavez and Ecuador's Rafael Correa are leading a push in the region for governments to reclaim control over natural resources. - Copyright Holder: REUTERS
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