Bolivian Energy Nationalization Postponed Due to Oil Firm Move

Bolivia's drive to nationalize the nation's hydrocarbons industry suffered another setback Monday with the resignation of the state oil company's president.

Jorge Alvarado, president of Yacimientos Petroleos Fiscales Bolivianos, was one of the key figures in the leftist Morales' push to bring natural resources under state control, but his leadership of YPFB has come under increased scrutiny and even a probe into possible corruption as the nationalization has run into troubles.

Despite announcing Alvarado's resignation, Morales said he had committed "neither harm to the state nor any act of corruption," and alleged there was a "conspiracy" between opposition figures and international petroleum interests.