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Bolivia will not nationalize Repsol
Spain Herald
MADRID
Petroleumworld.com 04 13 06Bolivia will not nationalize Spanish energy giant Repsol's local subsidiary, Andina, because Andina's debts reach a total of $177 million, superior to its book value of $120 million, according to Bolivian hydrocarbons minister Andres Soliz Rada.
Bolivian president Evo Morales will soon reveal his plan to nationalize hydrocarbon deposits in Bolivia, with which he and his planning minister will attempt to "dismantle colonialism and neoliberalism."
Soliz said, "If we nationalize, we are going to nationalize that debt, and Andina barely is worth $120 million. Recovering $120 million in order to pay a debt of $177 million is something we are not going to do." A Brazilian corporation, Univen, has already filed for arbitration before the International Chamber of Commerce on Andina's debt.According to Solis, the arbitration demand is the result of Andina's alleged noncompliance with a contract to buy and sell condensed petroleum. Andina says the demand has no foundations and that the amount of money demanded has no relation with the contract. Soliz afirmó que la brasileña Univen presentó la demanda contra
Repsol-YPF administrates and operates Andina, and owns 50% of the stock. The other half belongs to the Bolivian state; it is administered by two different pension funds, subsidiaries of the Spanish BBVA and the Swiss Zurich Financial Service. According to Soliz, the Bolivian state should put the two pension funds on trial "for not having defended the interests of the Bolivians."
Spain Herald April 13, 2006Copyright © 2006 Spain Herald. All Rights Reserved.
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