Bolivian Congress Approves New Oil Contracts

Law360, New York (April 20, 2007, 12:00 AM EDT) -- After nearly six months of squabbling, Bolivia’s Congress has finally approved dozens of contracts that will nationalize the country’s hydrocarbon sector.

On Thursday, congressional lawmakers unanimously approved 44 deals that will require British Gas, Total SA, Repsol YPF and other big energy companies to cede control of their operations to the government.

Bolivia’s President Evo Morales has said the move will bring in at least $1.3 billion a year through increased taxes and royalties. However, critics have maintained that uncertainty over the new contracts will scare...
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