Bolivia completes energy control

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Bolivia has completed its policy of gas nationalisation, giving it control over the operations of foreign energy firms in the country.

Signed by President Evo Morales on Sunday, the agreements finalise a process started on 1 May.

Bolivia will gain a majority of the revenues from foreign energy firms.

Companies affected by the deal include Brazil's state-run Petrobras, Spanish Argentine Repsol, France's Total and British Gas.

Mr Morales also said Royal Dutch Shell would transfer majority control in Transredes, the firm's Bolivian arm.

"We have now completed the first step," said Mr Morales.

"This process will continue next year with the recovery of other natural resources benefiting the Bolivian people."

Bolivia ranks second after Venezuela in terms of gas reserves.

When President Morales' signed the decree which started the process on 1 May, he gave foreign firms six months to sign contracts giving up majority control of their Bolivian operations or leave the country.