Bolivian President Evo Morales has nationalised a Spanish-owned electric power company.
Mr Morales ordered the military to take over the subsidiary of Spanish power company REE, which owns and runs around three-quarters of Bolivia’s power grid.
Mr Morales said he had ordered the move in honour of the Bolivian people fighting to regain control of their natural resources.
Last month Argentina took control of Spanish-owned oil company YPF.
Speaking at a May Day ceremony, President Morales said that “in honour of all Bolivian people who have struggled to recuperate our natural resources and basic services, we are nationalising Transportadora de Electricidad (TDE)”.
‘Failure to invest’
He said he was expropriating the company because it had failed to invest sufficiently in Bolivia.
Spanish power company REE bought 99.94% of shares in TDE in 2002. The remaining 0.06% are in the hands of the Bolivian employees of TDE. Continue reading