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Bolivia seizes electricity firm

Bolivian President Evo Morales sings a inhabitant anthem on May Day 2012Evo Morales pronounced he was nationalising a association in a name of a Bolivian people

Bolivian President Evo Morales has nationalised a Spanish-owned electric energy company.

Mr Morales systematic a troops to take over a auxiliary of Spanish energy association REE, that owns and runs around three-quarters of Bolivia’s energy grid.

Mr Morales pronounced he had systematic a take-over in honour of a Bolivian people fighting to recover control of their healthy resources.

Last month Argentina took control of Spanish-owned oil association YPF.

Speaking during a May Day ceremony, President Morales pronounced that “in honour of all Bolivian people who have struggled to recuperate a healthy resources and simple services, we are nationalising Transportadora de Electricidad (TDE)”.

‘Failure to invest’

He pronounced he was expropriating a association since it had unsuccessful to deposit amply in Bolivia.

Spanish energy association REE bought 99.94% of shares in TDE in 2002. The remaining 0.06% are in a hands of a Bolivian employees of TDE.

TDE owns and runs 73% of a energy lines in Bolivia, providing 85% of Bolivians with electricity, according to a company’s website.

Mr Morales did not contend how a Spanish association would be compensated, though in his direct he stipulated that a state would negotiate a payout with REE.

TDE’s nationalisation is a latest in a array of expropriations intended by President Morales.

On May Day 2010, he expropriated 4 power-generating companies.

One of them, British electricity application association Rurelec, is now seeking remuneration for a take-over during a Permanent Court of Arbitration in The Hague.

Spanish supervision officials pronounced they were still entertainment information about a move, though pronounced it was opposite from Argentina’s takeover of Spanish-owned oil association YPF only over dual weeks ago.

Spain reacted angrily to YPF’s nationalisation, melancholy plea and rallying general support opposite it.

Source: Article Source

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