Chavez goes to Bolivia over nationalization plan

Chavez goes to Bolivia over nationalization plan
2 hours, 36 minutes ago

Venezuela's President Hugo Chavez will travel to Bolivia on Wednesday
and meet President Evo Morales, who has sparked commotion among foreign
investors by announcing the nationalization of the energy sector.

Chavez, one of Morales' main foreign allies, is visiting with a group of
Venezuelan oil industry technicians to receive details of the
nationalization plan and to consider possible aid, government spokesman
Alex Contreras told reporters.

Morales met with Chavez and Cuban President Fidel Castro in Cuba on
Saturday to cement a leftist alliance and Venezuela agreed to provide
Bolivia with energy resources as it nationalizes its natural gas fields.

Morales promised the nationalization of the country's rich natural gas
resources during his presidential campaign and many Bolivians support
the move.

Morales' decision to limit foreign companies' profits follows similar
moves in Ecuador and Venezuela, where Chavez has forced a rewriting of
contracts and imposed retroactive tax hikes in the world's fifth-largest
oil exporter.

Contreras said Chavez would spend the night in La Paz and then travel
with Morales on Thursday to Argentina for a summit with Argentine
President Nestor Kirchner and Brazilian President Luiz Inacio Lula da Silva.

Brazil and Argentina are the biggest consumers of Bolivia's natural gas.

http://news.yahoo.com/s/nm/20060503/bs_nm/energy_bolivia_venezuela_dc_1