May 2, 2006	Tuesday	Rabi-us-Sani 3, 1427

LA PAZ, May 1: President Evo Morales on Monday issued a formal decree nationalizing Bolivia’s oil and natural gas resources. Bolivia has the second highest natural gas reserves in Latin America, behind Venezuela.

Morales said foreign energy companies would have to agree new contracts with the state run oil firm within 180 days.

The left-wing president used a May Day labour holiday speech at San Alberto gas field in southern Bolivia to make the announcement.—AFP