• Short Summary

    THE BOLIVIAN GULF COMPANY, OWNED BY THE UNITED STATES ???ASED GULF OIL CORPORATION, WAS SEIZED?

  • Description

    THE BOLIVIAN GULF COMPANY, OWNED BY THE UNITED STATES ???ASED GULF OIL CORPORATION, WAS SEIZED AND NATIONALISED ON SATURDAY (18 OCTOBER) BY THE BOLIVIAN GOVERNMENT.

    POLICE TOOK OVER THE COMPANY'S OFFICES IN LA PAZ AND INSTALLATIONS NEAR SANTA CRUZ, LATE ON FRIDAY EVENING. SEVERAL HOURS LATER, FORMAL NATIONALIZATION WAS ANNOUNCED BY BOLIVIAN PRESIDENT GENERAL ALFREDO OVANDO CANDIA.

    GENERAL OVANDO CANDIA ANNULLED A FOURTEEN-YEAR-OLD LAW UNDER WHICH OIL CONCESSIONS WERE GRANTED, WITHIN HOURS OF TAKING POWER BY A MILITARY COUP IN SEPTEMBER. BUT GULF OIL OFFICIALS SAY THAT THEY HAD NO WARNING OF THE SEIZURE. THE COMPANY HAD BEEN HOLDING TALKS WITH THE NEW REGINE ON OIL CONCESSIONS. ONLY A WEEK BEFORE NATIONALISATION, A LA PAZ NEWSPAPER QUOTED PRESIDENT OVANDO CANDIA AS SAYING THAT IT WAS 'NOT CONVENIENT' FOR THE COUNTRY TO NATIONALISE GULF OIL.

    THE PRESIDENT MADE THE ANNOUNCEMENT TO CHEERING CROWDS IN LA PAZ. MANY OF THEM CARRIED PRO-NATIONALISATION PLACARDS. THE DECISION FOLLOWED A MEETING OF THE CABINET. THE ONLY INDICATION THAT THE MOVE MIGHT BE IMMINENT WAS AN ATTACK ON THURSDAY NIGHT BY THE MINISTER OF MINES AND PETROLEUM, WHO ACCUSED THE COMPANY OF USING BLACKMAIL AND PRESSURE AGAINST THE NEW GOVERNMENT.

    BOLIVIA'S STATE OIL BOARD HAS TAKEN IMMEDIATE CHARGE OF THE EXPLOITATION OF OIL THROUGHOUT THE COUNTRY. A SPECIAL COMMITTEE HAS BEEN SET UP TO STUDY COMPENSATION TO BE PAID TO THE BOLIVIAN GULF OIL COMPANY.

  • Tags

  • Data

    Film ID:
    VLVAD9FWQS2HLRJYKIQX4CGS70QW8
    Media URN:
    VLVAD9FWQS2HLRJYKIQX4CGS70QW8
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    21/10/1969
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:17:00
    Time in/Out:
    /
    Canister:
    N/A

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