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According to reports by Bloomberg News, President Morales made the above statement in a speech delivered on May 18 in the capital of Cochabamba, Bolivia. He said that if other companies fail to invest in these fields within the specified time, he will take back the oil and gas fields and hand them over to the Bolivian state-owned energy company YPF Bolivianos.
According to Agence France-Presse, President Morales did not elaborate on which foreign oil companies will be affected by the nationalization plan of Bolivia.
It is reported that the foreign energy companies currently implementing oil and gas operations in Bolivia include the Spanish company Repsol YPF, BP and Petrobras.
Bolivia may implement nationalization of oil and gas fields
According to an overseas media report on May 20, Bolivian President Morales said recently that if a foreign company fails to invest in Bolivia's oil and gas fields within the stipulated time, he is ready to issue a decree to nationalize its oil and gas fields.