Petrobras to acquire Bolivia's refineries

A 70-30 joint venture of Brazil's Petroleo Brasileiro SA and Argentina's Perez Companc have won the bidding to acquire Bolivia's two refineries, owned by the Bolivian state oil company Yacimientos Petroliferos Fiscales Bolivianos (YPFB). The firms submitted a $102 million bid for the plants and two pipelines connecting them to nearby international airports.Sale of the refineries comes at the behest of the International Monetary Fund as a condition of the Bolivian government securing a $35 million structural adjustment payment before the end of 1999.Completion of the transaction will effectively end YPFB's 62-year reign as a state oil firm. YPFB-Latin America's second state ...

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