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Bolivia Takes Page from Nasser

The Bolivian President, Evo Morales, used May Day to seize the nation`s natural resources, sending troops into oil and gas fields across the country. In a decree, President Morales declares, "The pillage of our natural resources by foreign companies is over... The time has come, the awaited day, a historic day in which Bolivia retakes absolute control of our natural resources."

Energy firms in Bolivia now have six months to decide if they will channel all their sales through the Bolivian state, or leave the country entirely. According to Vice President, Alvaro Garcia, Bolivian armed forces and officials from the state-run YPFB energy company, have taken control of 53 energy installations.

Bolivia, home to South America`s second largest natural gas reserves, has abundant gas fields, pipelines and refineries, many of which are owned by foreign companies like Brazil`s Petrobras, the Spanish-Argentine company Repsol YPF, British Gas and British Petroleum and France`s Total. While local energy officials could do little to stop the move, only time will tell if foreign nations move to stop the nationalization of Bolivia`s resources.