Bolivia’s Morales Rules Out Extension For Oil Companies’ New Deals

Bolivian President Evo Morales said any foreign oil company without a new contract by the end of this week would be expelled from the country with YPFB, the state oil company, taking over their operations. Since coming to power Morales has said oil companies must hand over a larger share of their oil income to the government amidst booming oil prices. France’s Total and Brazil’s Petrobras are among companies operating in Bolivia. Brazilian Mines and Energy Minister Silas Rondeau plans to visit Bolivia this week for talks. The deadline is October 28, when a six-month negotiating period ends. Morales also said he has had to explain his decision to revoke the contracts to a number of world leaders this year.