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Bolivian President Nationalizes Oil Company

Bolivia's President Evo Morales has announced that his government will take over the operations of the Chaco oil company, as part of efforts to nationalize the country's resources.

Mr. Morales Friday visited Chaco, in which the British company BP is a majority stakeholder. He presented the nationalization move as a gain for the Bolivian people, saying "little by little we are taking back our companies."

The left-leaning president won election on a platform of economic reform, pledging to share the country's energy wealth among the impoverished indigenous majority. He has already nationalized several key energy companies.

Today's take-over of Chaco comes just days before Bolivians vote on a new constitution backed by Mr. Morales.