Petrobras, Brazil’s government owned oil company is planning to invest US$ 5 billion in the natural gas industry of Bolivia which has the second largest reserves in South America behind Venezuela.

    Nestor Cervero, Petrobras international operations manager interviewed by La Razon, one of the most influential newspapers in La Paz, said the investment is being discussed with Bolivia’s resurgent government oil company Yacimientos Petroliferos Fiscales Bolivianos, YPFB.

    Petrobras also announced that at the end of February it will be signing several agreements with Bolivia to ensure the supply of natural gas to Brazil, Bolivia’s main client. The package apparently also includes an industrial complex, a petrochemical plant and a fertilizer industry in the border area of both countries.

    However Petrobras has given no details of the operation terms, which president Evo Morales anticipated should give Bolivia a bigger share of the country’s energy resources exploitation.

    On taking office Mr. Morales assured his Brazilian counterpart Luiz Inácio Lula da Silva that his objective was to nationalize Bolivia’s energy industry, but without expropriating or confiscating international corporations’ assets.

    Since the mid nineties when Bolivia’s energy resources were opened to international private investment, foreign corporations are estimated to have invested over US$ 3.5 billion in the industry.

    But corporations are not enthusiastic about the new rules president Morales has promised to impose, basically recovering the resources for the Bolivian government

    Mercopress – www.mercopress.com

    Tags:

    • Show Comments (0)

    Your email address will not be published. Required fields are marked *

    comment *

    • name *

    • email *

    • website *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Ads

    You May Also Like

    Discrete Growth in Brazil’s Industry Does Not Reverse Declining Trend

    Brazilian industrial production had an increase in 0.6% in November. In the accumulated value ...

    US dollar

    Brazil and LatAm Rush to the Rescue of Tumbling Markets and Currencies

    Countries in Latin America, including Brazil, moved quickly this week to face the global ...

    Brazil Wants New Rules for Intellectual Property

    Today Brazil, Argentina and Bolivia will present a proposal for an amendment to the ...

    Brazil: Mr. Lula Never Goes to Washington

    Brazilian President’s trip to India has been marked with the usual speeches about the ...

    How Door-to-Door Sales Made Cosmetics Firm Natura into a Giant in Brazil

    Countries all over the world are interested in taking the Brazilian brand Natura, leader ...

    Brazil’s Breadmaker Nutrella Goes International

    Nutrella, a traditional maker of breads, is getting ready to enter the foreign market. ...

    Beauty Industry in Brazil Gets Makeover from Hubs Creation

    The joining of cosmetics industry in Brazil in production hubs has been giving the ...

    In Protest for Being Snubbed Brazilian Congressmen Resign from Ethics Council

    Five Brazilian congressmen announced Thursday, April 6, that they were resigning from the House ...

    Serra’s Promise: To Be Mayor Till the End. Sure!

    It was José Serra’s (PSDB) turn in the Folha chair yesterday, after Erundina last ...

    Sweet Sixty

    Starting in 1986, Ney Matogrosso decided to incorporate a sober side to his "scandalous" ...