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REPORT: Bolivia Expropriates The Assets Of Spanish Utility Company

Mamta Badkar

Bolivian president Evo Morales has said that he will expropriate local assets of Transportadora de Electricidad, a subsidiary of Spanish utilities company Red Electrica Corp, according to Spanish publication El Pais via Bloomberg.

Speaking at a Labor Day event Morales said this would be a tribute to the Bolivian people who have fought for the recovery of nationalized resources, according to ADN Radio.

Morales has reportedly asked the army to protect Red Electrica's local assets as of today.

This comes weeks after Argentina moved to expropriate shares of Repsol-YPF. Morales like Argentinian president Cristina Fernandez de Kirchner said the company had invested very little in Bolivia.

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