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Viewing cable 06LAPAZ1248, GOB NAMES BOARD MEMBERS TO "NATIONALIZED"

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Reference ID Created Released Classification Origin
06LAPAZ1248 2006-05-09 17:45 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy La Paz
VZCZCXYZ0017
PP RUEHWEB

DE RUEHLP #1248/01 1291745
ZNR UUUUU ZZH
P 091745Z MAY 06
FM AMEMBASSY LA PAZ
TO RUEHC/SECSTATE WASHDC PRIORITY 9131
INFO RUEHAC/AMEMBASSY ASUNCION 5827
RUEHBO/AMEMBASSY BOGOTA 3124
RUEHBR/AMEMBASSY BRASILIA 6988
RUEHBU/AMEMBASSY BUENOS AIRES 4232
RUEHCV/AMEMBASSY CARACAS 1525
RUEHPE/AMEMBASSY LIMA 1502
RUEHLO/AMEMBASSY LONDON 0080
RUEHMD/AMEMBASSY MADRID 3105
RUEHMN/AMEMBASSY MONTEVIDEO 3771
RUEHFR/AMEMBASSY PARIS 0085
RUEHQT/AMEMBASSY QUITO 4165
RUEHSG/AMEMBASSY SANTIAGO 8711
RUEHTC/AMEMBASSY THE HAGUE 0726
RHEHNSC/NSC WASHINGTON DC
RHEBAAA/DEPT OF ENERGY WASHINGTON DC
RUCPDOC/DEPT OF COMMERCE WASHINGTON DC
RUEATRS/DEPT OF TREASURY WASHINGTON DC
UNCLAS LA PAZ 001248 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
STATE FOR WHA/AND 
TREASURY FOR SGOOCH 
ENERGY FOR CDAY AND SLADISLAW 
 
E.O. 12958: N/A 
TAGS: ECON EINV ENRG EPET EFIN PGOV BL
SUBJECT: GOB NAMES BOARD MEMBERS TO "NATIONALIZED" 
HYDROCARBONS COMPANIES 
 
REF: LA PAZ 1157 
 
1. (SBU) Summary:  The GOB named 20 directors and five 
controllers to the boards of five hydrocarbons companies on 
May 8.  The GOB has yet to legally acquire ownership control 
of these five companies, in accord with its May 1 
nationalization decree (reftel), and it remains unclear how 
it plans to do so.  Hydrocarbons Minister Andres Soliz Rada 
and YPFB (state oil company) President Jorge Alvarado 
acknowledged that the GOB must complete several legal 
requirements to take over company control, but claimed that 
the companies are all in agreement with the GOB's plans. 
Company representatives, including Transredes President 
Ernesto Blanco, told us that the companies do not agree, and 
consider the GOB's actions an expropriation of their assets. 
End summary. 
 
2. (U) According to press reports, on May 8, the GOB named 
four YPFB directors and one controller to each of the five 
hydrocarbons company boards over which the GOB intends to 
gain majority control, in accord with the terms of the May 1 
hydrocarbons nationalization decree (reftel).  The five 
companies include two with U.S. investment -- Transredes 
(Prisma) and Chaco (Pan-American).  Press reports indicate 
that Hydrocarbons Minister Andres Soliz Rada and YPFB 
President Jorge Alvarado admitted that the GOB can not yet 
take control of the five companies, because several legal 
steps remain to be taken, including finding a mechanism 
through which to convene the boards.  Each of the boards will 
consist of four YPFB representatives and three private 
company representatives.  Transredes President Ernesto Blanco 
told us on May 8 that Alvarado asked him to call a board 
meeting by May 18, but Blanco told us that he has no basis 
upon which to call the meeting. 
 
3. (SBU) The GOB will need to acquire two percent plus one 
share to gain control of Repsol Andina and Chaco, 16 percent 
plus one share for Transredes, and 50 percent plus one share 
for the Petrobras Refineries and the Hydrocarbons Logistics 
Company.  It remains unclear how the GOB plans to acquire 
these shares and how or if the GOB will pay for them. 
Minister Soliz Rada stated that some share prices will be 
fixed through quotation in the Bolivian stock market and that 
some companies have accepted payment by future gas and oil 
production, according to press reports.  Soliz further stated 
that the companies are in agreement with the GOB plans, and 
only the details of the procedures remain to be resolved. 
Blanco told us that the GOB has made no offer of payment for 
Transredes shares, but has made comments about taking the 16 
percent plus one share from Transredes investors Prisma and 
Shell, and working out payment later, and that Minister Soliz 
lied about the companies being in agreement with the GOB's 
plans.  The GOB has not discussed the new board members with 
Blanco.  The Transredes board currently has seven members, 
with two seats held by the pension fund administrators. 
 
4. (SBU) Blanco said that Transredes considers the reported 
GOB actions to be an expropriation of its assets.  He 
explained that the nationalization decree has diminished 
Transredes' cash flow by torpedoing a bond restructuring deal 
and negotiations for additional credit from the 
Inter-American Development Bank.  Blanco explained that the 
pension fund administrators, which hold 34 percent of 
Transredes' shares, can not legally sign the shares over to 
YPFB (as required by the May 1 decree) without the GOB 
passing a law.  However, he said, the administrators are 
under serious GOB pressure and may disregard proper 
procedures.  He added that he has no faith in domestic legal 
procedures, which even the Minister of Government recently 
 
admitted were not followed, and that if Transredes decides to 
pursue legal measures, it will do so in an international 
court. 
 
5. (SBU) Comment: Although contract details remain to be 
worked out during the next six months, the GOB's naming of 
board members for five companies, without having legally 
acquired the shares of those companies, is an aggressive 
move.  The GOB's nationalization actions are looking 
increasingly like they may involve expropriation of U.S. 
investor assets.  End comment. 
 
GREENLEE