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MENAFN - 30/12/2012

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(MENAFN) Bolivia's leftist government has nationalized two electricity distribution companies owned by Spanish utility Iberdrola, Reuters reported.

President Evo Morales said Iberdrola will be compensated according to a valuation to be drawn up by an independent arbiter, adding that the measure was aimed at enhancing rural energy services.

The Iberdrola units are Electropaz, which supplies around 470,000 customers in the cities of La Paz and El Alto; and Elfeo, which supplies over 80,000 customers in the city of Oruro.

President Morales has nationalised oil, telecommunications, mining and electrical generation companies.

In June, Morales took control of global commodities giant Glencore's tin and zinc mine in Bolivia.

The latest move means there could be more nationalizations of mining companies ahead in the Andean country.

An Iberdrola spokesman said the company was studying the situation and declined to comment further.

Spain regretted Bolivia's actions, the Spanish Ministry of Foreign Affairs said in a statement, adding the government hoped the shareholders of the companies involved would be fairly compensated.

 






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