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Americas Americas

Morales nationalises BP aviation unit

Latest update : 2009-05-01

Bolivian President Evo Morales marked May Day on Friday by nationalising the Bolivian subsidiary of British aviation fuel supplier AirBP, in a decree before a crowd in La Paz. Morales has nationalised oil and telecoms companies during his tenure.

AFP - Bolivian President Evo Morales nationalized the Bolivian subsidiary of British aviation fuel supplier AirBP in a decree made public Friday before a massive crowd to mark May Day.
"By this decree, AirBP is nationalized by the Bolivian state," Morales said as he signed the decree into law, amid cheers from workers who congregated at Plaza de Armas de La Paz, the headquarters of the executive branch.
Morales ordered the military and state oil company Yacimientos Petroliferos Fiscales Bolivianos (YPFB) to take over AirBP, which owns 12 jet fuel service stations at airports in La Paz, Santa Cruz, Cochabamba, Tarija, Beni and Pando.
The British company, which is headquartered in Santa Cruz, 900 kilometers (559 miles) east of the capital, did not provide an initial reaction and its offices were closed due to the national holiday.
During his three years in office thus far, Morales has nationalized oil and telecommunications companies, also on May 1, for which he said he would negotiate a payment.
In Friday's decree, the president also ordered workers' benefits, including mandatory severance pay after 90 months (before five years) of continuous work to cover social security coverage for temporary employees.

Date created : 2009-05-01