November 17, 2015 / 1:03 AM / 4 years ago

Bolivia says to pay Iberdrola $34 million for 2012 nationalizations

LA PAZ (Reuters) - Bolivia said on Monday it will pay Spanish utility Iberdrola $34 million for the 2012 nationalization of its local electricity distribution subsidiaries, part of President Evo Morales’ push to put energy resources under state control.

“The nationalizations are now completely consolidated,” Bolivian Attorney General Hector Arce told reporters.

He said Bolivia also agreed to pay $19 million to Britain’s Paz Holdings Ltd, which had operations nationalized. The compensation deals were reached with help from an international arbitrator.

Morales has also nationalized oil, telecommunications, mining and electrical generation companies.

Reporting by Daniel Ramos; Editing by Mary Milliken

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