LA PAZ, Bolivia, Dec. 1 (UPI) -- The Bolivian Senate's approval of nationalization contracts with foreign oil companies fulfills President Evo Morales' election pledge.
Lawmakers from the president's Movement Toward Socialism, with support from minor parties, approved the legislation despite criticism from opposition groups and foreign investors.
The approval of the 44 contracts will complete Morales' plan of making new investments in the area of gas nationalization.
The foreign companies affected include Petrobras Bolivia, Petrobras Energia, Repsol YPF, Andina, British Gas, Chaco, Matpetrol, Pluspetrol, Total and Vintage.
In late October, Bolivia completed the controversial effort to nationalize its gas industry. At the time, Morales signed a deal with eight foreign companies whereby Bolivia would increase its take in two of the country's most lucrative gas fields from 50 percent to 82 percent.
Though Morales appears to have achieved his goal, the effort to return control of the gas industry to the state was not without setbacks.
In August, the Bolivian Central Bank turned down a loan request by the state-run YPFB for $180 million so that it might assume complete control of country's gas reserves, second only in South America to those in Venezuela.
