MercoPress. South Atlantic News Agency

Morales firm on deadline

President Evo Morales yesterday declared that Bolivia must not back down from an October-28 deadline to complete the nationalization of its oil and gas industry.

Morales nationalized the South American country's petroleum reserves by presidential decree on May 1, giving foreign companies six months to cede control of their Bolivian operations to the state or leave the country.

As the October 28 deadline approaches, however, none of the international energy companies operating in Bolivia ? which include Brazilian state-run giant Petrobras, the French company Total SA, The Spanish-Argentine company Repsol YPF and British Gas ? have yet signed a new contract with Morales' government.

??Bolivian rules must be respected,'' the president said at a yesterday press conference, referring to the deadline set out in his nationalization decree, but added, ??We are open to negotiations'' with the foreign companies.

Morales said that he met Monday with government officials in charge of the nationalization process and said they have developed ??a formula for all the companies'' which they have brought to the ongoing talks.

??We decided in a meeting this morning that we would respect our supreme decree,'' the president said.