In keeping with its nationalisation drive, Bolivia recently took full control of two Petrobras oil refineries in the country.
The Brazilian government-owned company Petrobras, the biggest foreign investor in Bolivia and leading natural gas producer, was bought for us $112 million. After Venezuela, Bolivia has South America's biggest natural gas reserves.
The move is part of Bolivian president Evo Morales' energy nationalisation drive that aims at giving the state more control and a larger part of the
profits. Morales wishes to reduce poverty by increasing state revenues from the energy sector, which was
privatised in the 1990s. Petrobras had bought the two refineries for us $104 million during that time.
We are a voice to you; you have been a support to us. Together we build journalism that is independent, credible and fearless. You can further help us by making a donation. This will mean a lot for our ability to bring you news, perspectives and analysis from the ground so that we can make change together.
Comments are moderated and will be published only after the site moderator’s approval. Please use a genuine email ID and provide your name. Selected comments may also be used in the ‘Letters’ section of the Down To Earth print edition.