Russia hopes that the political situation in Bolivia will not destabilize the global gas market for long, Russian Deputy Energy Minister Anton Inyutsyn told Sputnik on TuesdayBRASILIA (Pakistan Point News / Sputnik - 12th November, 2019) Russia hopes that the political situation in Bolivia will not destabilize the global gas market for long, Russian Deputy Energy Minister Anton Inyutsyn told Sputnik on Tuesday.
"As for the impact of the recent developments in Bolivia on the gas market, I will abstain from evaluating political risks' influence on the market. But any destabilization may affect the world market. We will hope that this impact will be short-term," Inyutsyn said.
The unrest in Bolivia erupted in the wake of the presidential election on October 20. The electoral authorities said that then-leader Evo Morales had secured a new term in the first round, while the opposition refused to recognize the results of the vote. Morales stepped down on Sunday after the national armed forces urged him to do so amid the ongoing protests.
Earlier in the day, Morales left for Mexico but said he would return soon "with more strength and energy."
Morales is known for his policy of nationalizing the oil and gas industry that ensured the stability of the Bolivian economy during financial crises. According to the 2006 nationalization decree, foreign companies that have invested about $4 billion since the country opened up its energy sector in the late 1990s must hand their majority stakes over to the state-owned company, Yacimientos Petroliferos Fiscales Bolivianos. The policy resulted in considerably higher revenues from gas exports.