Nicaragua rules out Evo Morales-style grab of Unión Fenosa
Nicaragua has no plans to nationalize the Spanish electricity company Unión Fenosa in the way that Bolivia's president, Evo Morales, has expropriated foreign energy companies, Nicaraguan Foreign Minister Manuel Coronel said.
Monday, May 19, 2008
"We haven't thought about that kind of nationalization because that's not the government's line at the moment," Coronel said.
The Nicaraguan government and Spain's Unión Fenosa closed a stormy chapter in their relationship with a deal in which the government is to take a 16 percent stake in Fenosa.
The Government of Nicaragua hopes that within a week it will sign an agreement to by 16 per cent of Unión Fenosa
The Government of Nicaragua hopes to sign a memorandum of understanding before month-end with Union Fenosa to acquire 16 percent of the shares of its affiliate in Nicaragua, Emilio Rappaccioli, Minister of Energy and Mines, has said.
The president of Union Fenosa, Pedro López Jiménez, said today in Madrid that his company is waiting for the Nicaraguan government to sign the agreement to close the deal for the sale of 16 per cent of its electrical business in Nicaragua.
Nicaraguan President Daniel Ortega said his government is still waiting to have a seat on the board of the local unit of Unión Fenosa, as previously agreed with the Spanish power company.
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