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Repsol says new Bolivia contracts guarantee return on investments
Platts
Dubai
Petroleumworld.com 10 31 06
Repsol YPF of Spain said on Monday it believes that the new operating
contracts it signed with the Bolivian government under a new legal regime will
gurantee the return on its current and future investments in the South
American country."Repsol YPF deems that this agreement is in line with the commitment made
public by the President of Bolivia, Evo Morales, to guarantee a secure legal
framework for its investments," Repsol said in a statement."This is a principle that Repsol YPF considers essential for the
development of its business in that country. In this respect, Repsol YPF
values that the new contracts guarantee the return on the investments made to
date in Bolivia and those to be developed in the future."Repsol was among ten foreign oil companies that signed new operating
contracts to conform with a new hydrocarbon law introduced by Morales in line
with a Bolivian nationalization decree. The contracts transform what were
previously ownership contracts into operating contracts without ownership
rights."This scenario of legal warranty together with public recognition of the
investments made to date by Repsol YPF in Bolivia will permit the development
of new investment projects in that country, which will enhance the welfare of
the Bolivian people," Repsol said.Repsol YPF holds mining rights on 32 blocks in Bolivia, seven exploration
blocks with a net surface area of 9,264 sq km and 25 exploitation blocks with
a surface area of 2,174 sq km, it said.Repsol said that between October 1997 and March 2006, Repsol YPF has
invested $1.167 billion in Bolivia and became one of the largest tax payers in
the country, disbursing $1.275 billion in direct taxes, patents on mining
acreage, royalties and stakeholdings.For more news, request a free trial to Platts Oilgram News at
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Platts 30 10 06
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