PKK lay down arms in northern Iraq in symbolic disarmament    At least 67 children dead from hunger in Gaza    U.S. judge blocks immigration arrests in Los Angeles over racial profiling claims    Trump slams protesters as 'slimeballs' after attack on ICE agents in California    Saudi Arabia reaffirms OPEC+ compliance as June crude supply hits 9.35 million bpd    Riyadh begins property acquisition for major road development projects    Saudi minister explores strategic industrial and mining partnerships with top Russian firms    Riyadh's Creative District to welcome Italy's Istituto Marangoni    CMA approves major reforms to ease investment account access for foreign and local investors    France's Lady Liberty artwork goes viral as a new Statue of Liberty could be in the works    Saudi population reaches 35.3 million in 2024, majority under 65    GASTAT: Industrial Production Index rises by 1.5% in May    Theo Hernández: Al Hilal can compete with Europe's best    Abdullah Al-Qaisoom wins silver at Asian Youth and Junior Weightlifting Championship    Aubameyang's future at Al Qadsiah in doubt after cryptic post comparing Saudi League strikers    Makkah Deputy Emir leads washing of Holy Kaaba    SFDA approves 'Winrevair' for rare pulmonary hypertension treatment    HONOR returns to Esports World Cup as Official Smartphone Partner for 2025 The renewed commitment will see HONOR elevate mobile esports competition with cutting-edge AI technologies and industry-leading hardware    Michael Madsen, actor of 'Kill Bill' and 'Reservoir Dogs' fame, dead at 67    BTS are back: K-pop band confirm new album and tour    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



South American Leaders Fear Crisis over Bolivia Gas Nationalization
Published in Saudi Press Agency on 05 - 05 - 2006

South American leaders sought to avert a regional crisis over Bolivia's nationalization of its natural-gas industry as Venezuelan President Hugo Chavez flew with Bolivian President Evo Morales to a hastily arranged summit in northern Argentina on Thursday.
Morales announced Monday that he had nationalized Bolivia's natural-gas reserves and will reduce foreign participants to minority shareholders, giving the companies six months to renegotiate contracts or leave Bolivia.
Chavez, a socialist and political mentor of the leftist Morales, said he came to Bolivia late Wednesday not to give advice but to offer “congratulations and learn from Bolivia's wisdom.”
“With good will, Morales will reach the agreements he needs to make with the foreign companies,” Chavez said after arriving in La Paz. Chavez spoke after Brazil, Bolivia's biggest gas client, announced it would cut off all new petroleum investment in Bolivia, where it has invested $1.6 billion to increase production over the last decade.
Morales and Chavez flew to the Argentine city of Puerto Iguazu along the border with Brazil to join Brazilian President Luiz Inacio Lula da Silva and Argentine President Nestor Kirchner.
While Lula said he believes he can negotiate a solution to the controversy, he asserted that he will defend contracts giving Brazil rights to Bolivian gas. “The fact that Bolivia has rights does not deny the fact that Brazil has rights in the matter as well,” he said.
Morales and Chavez also plan to discuss Chavez's idea to construct a 9,000-kilometer pipeline linking Venezuela's vast natural-gas reserves through Brazil to Argentina, Chavez said. The pipeline, estimated to cost $25 billion, would also branch to Bolivia, Paraguay, and Uruguay, though experts have said it could cost more and environmentalists say the plan could damage the Amazon rain forest.


Clic here to read the story from its source.