Foreign oil firms agree to Bolivia’s contract terms

11/13/2006
Bolivian President Evo Morales claimed a victory Oct. 29 when key foreign energy companies agreed to remain in Bolivia, operate under state control, and cede larger shares of profits to the government.The deals strengthen Morales’s bid to give Bolivia a larger role in its own economy: It has the continent’s second-largest natural gas reserves after Venezuela yet remains South America’s poorest country.With these new contracts, Juan Carlos Ortiz, president of Bolivia state-owned Yacimientos Petrolíferos Fiscales Bolivianos (YPFB), estimated that the state will receive an additional $1.3 billion/year in revenues. Morales said these revenues could be increased to as ...
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