Bolivian leader praises nationalization of energy

Bolivian President Evo Morales Wednesday praised his government's decision to nationalize the energy sector, calling it the main engine driving Bolivia's economic and social development. Speaking at an official event in Padcaya, in the southern department of Tarija, Morales said the process of nationalizing oil and gas production, which began in May 2006, has financed public works throughout the country and the government's development program. "I did not make a mistake in nationalizing hydrocarbons, it changed Bolivia's history. In Tarija, it improved the economy," said Morales. In 2006, Morales began nationalizing the sector by ordering the occupation of oilfields under the control of transnationals. The government ended its nationalization process in February 2013 when it expropriated Spanish-owned subsidiary Sabsa, which managed the country's three largest airports, accusing the owners of failing to invest enough in the facilities. As a result of Morales' nationalization drive, Bolivia earned a record 22.34 billion dollars from oil sales between 2006 and 2013, according to the state oil company YPFB. In 2013, Bolivia profited 5.59 billion dollars from oil, 850.1 million dollars from related "upstream" taxes and 11.4 million dollars from patents.