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Bolivia grabs control of gas firm Bolivia grabs control of gas firm
(about 2 hours later)
The Bolivian government has continued its nationalisation of key industries - taking full control of a key gas pipeline company. The Bolivian government has taken full control of a key gas pipeline company after talks with the foreign firm that held a controlling stake broke down.
President Evo Morales said Transredes had been seized after the foreign firms which owned half of it failed to agree a share buy-back. President Evo Morales said Transredes had been seized after US company Ashmore Energy International failed to agree to a share buy-back.
Ashmore Energy International and Royal Dutch Shell, which held stakes, have yet to comment on the move.
Transredes transports Bolivia's natural gas to clients in Brazil and Argentina.Transredes transports Bolivia's natural gas to clients in Brazil and Argentina.
It is the latest move in the Bolivian president's recent effort to nationalise key industries.
Ashmore has yet to comment on the move.
President Morales said Ashmore had agreed to sell some of its 25% share in the firm but that these talks had not led to a deal.President Morales said Ashmore had agreed to sell some of its 25% share in the firm but that these talks had not led to a deal.
"We waited patiently all month, but the actions they took were totally different," the president said."We waited patiently all month, but the actions they took were totally different," the president said.
"They wanted to be bosses, and have us be the employees. We're a small country - sometimes they call us underdeveloped - but we have lots of dignity Partners are welcome, but we will not accept bosses." "They wanted to be bosses, and have us be the employees. We're a small country - sometimes they call us underdeveloped - but we have lots of dignity. Partners are welcome, but we will not accept bosses."
Officials said Royal Dutch Shell, cited as another foreign in investor in the pipeline, had wanted to work with them.
Chavez allyChavez ally
President Morales wants to increase the revenue his country receives from its industries. President Morales came to power two years ago promising his country's poor a greater share in revenues from the oil and gas industry.
The BBC's South America correspondent Daniel Schweimler says the president's radical plans have upset foreign companies and threaten to split the country.
Three regions in Bolivia's east, where most of the oil and gas is found, have recently voted for greater autonomy and oppose sending more revenues to the central government.
Parts of Bolivia's energy industry was privatised in the 1990s, with foreign companies taking 50% stakes.Parts of Bolivia's energy industry was privatised in the 1990s, with foreign companies taking 50% stakes.
Last month Bolivia's state energy company bought a majority stake in Spanish-owned Andina, one of the country's biggest energy companies which exploits oil and gas fields, and owns a 50% stake in two giant gas fields.Last month Bolivia's state energy company bought a majority stake in Spanish-owned Andina, one of the country's biggest energy companies which exploits oil and gas fields, and owns a 50% stake in two giant gas fields.
It has also taken over, by state decree, the control of Chaco from BP and Pan American Energy.It has also taken over, by state decree, the control of Chaco from BP and Pan American Energy.
Mr Morales is an ally of Venezuelan President Hugo Chavez, who has also taken back control of a number of industries from foreign control, including oil, electricity and cement.Mr Morales is an ally of Venezuelan President Hugo Chavez, who has also taken back control of a number of industries from foreign control, including oil, electricity and cement.