Oil and money.Bolivia moved to nationalize na·tion·al·ize tr.v. na·tion·al·ized, na·tion·al·iz·ing, na·tion·al·iz·es 1. To convert from private to governmental ownership and control: nationalize the steel industry. 2. its natural gas industry, second only to Venezuela in reserves. Petrobras, Brazil's state-run oil company, said it would defend its rights, although Brazilian President Luiz Inacio Lula da Silva later recognized Bolivia's right to nationalize. Repsol-YPF, a Spanish oil company, asked that the government honor a contractual 180-day review of the decision. Meanwhile, Occidental Petroleum Occidental Petroleum Corporation ("Oxy") NYSE: OXY is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. , a U.S. oil company, said the Ecuadoran government revoked one of its contracts to produce oil in the country. The company said it expects the dispute to end with an amicable am·i·ca·ble adj. Characterized by or exhibiting friendliness or goodwill; friendly. [Middle English, from Late Latin am settlement. In response, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. suspended free trade talks with Ecuador. |
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