Bolivia reclaims oil refineries

Source: BBC News

Last Updated: Wednesday, 27 June 2007, 00:43 GMT 01:43 UK

Bolivia reclaims oil refineries

Bolivia wants to use its oil and gas profits to cut poverty levels
Bolivia has taken full control of two oil refineries from the Brazilian state-owned energy company, Petrobras, after a compensation deal last month.

The head of the state energy company, YPFB, said Bolivia had taken back "what we never should have lost".

The $112m (£56m) buy-back is part of President Evo Morales' wider energy nationalisation, giving the state more control and a larger slice of profits.

Bolivia has South America's biggest natural gas reserves after Venezuela.




Read more: http://news.bbc.co.uk/2/hi/americas/6243802.stm