Morales to nationalize Bolivia oil, gas

[Judi Lynn]

Wednesday, December 21, 2005 · Last updated 11:53 a.m. PT

Morales to nationalize Bolivia oil, gas

THE ASSOCIATED PRESS

LA PAZ, Bolivia -- The winner of Bolivia's presidential elections has repeated his vow to nationalize oil and gas and said he will void at least some contracts held by foreign companies "looting" the poor Andean nation's natural resources.

Indian coca farmer Evo Morales said he will not confiscate refineries or infrastructure owned by multinational corporations. Instead, his government would renegotiate contracts so that the companies are partners, but not owners, in developing Bolivia's resources, he said.

"We will nationalize (Bolivia's) natural resources," Morales said at a news conference Tuesday in La Paz.

"Many of these contracts signed by various governments are illegal and unconstitutional. It is not possible that our natural resources continue to be looted, exploited illegally, and as the lawyers say, these contracts are legally void and must be adjusted," Morales said.
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