Despite Privatization Threats Brazil to Invest US$ 5 Bi in Bolivia

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Your email address will not be published.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

Rich in Culture and Amazon Luxury Brazil’s Acre Wishes to Lure You In

In northern Brazil, the state of Acre, mixing facts and legends,  is drawing up ...

Brazil Opens Website for Complaints Against Kid Porn and Pedophilia

The Hotline Brazil website, where people can denounce instances of child pornography and pedophilia, ...

Brazilian Congressmen Want End to Nepotism

Brazil’s Chamber of Deputies’ Constitution and Justice Commission (CCJ) approved yesterday, unanimously, the Constitutional ...

Hot Stuff

It seems lucky: a Brazilian comes to America and the first week gets a ...

The Winners and Losers of Brazil’s Biosecurity Law

The Brazilian Senate just passed the Law of Biosecurity, which among other things gives ...

Despite US Surtax Brazil Should Increase Shrimp Exports

Brazil should export about 105,000 tons of shrimps this year, due to the void ...

January 1995

CONTENTS: Cover story: Lolitas of the night (p. 8) Selling sex and death (p. ...

Brazil Goes for a Ride on Wall Street’s Bullish Train and Dollar Falls

The São Paulo Stock Exchange (Bovespa) started October with a boom, closing at 62.340 ...

Argentina Is No Brazil Yes Man, Says Minister Sigal

Argentina “needs” Brazil as a good trading partner on equal footing but not at ...

Returning Cuban Boxers Who Defected in Brazil Promised Leniency by Castro

Cuban leader Fidel Castro says two Cuban boxers who have returned home after apparently ...