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Spain's Repsol to invest 150 million in a JV with YPFB in Bolivian gas

AFP/File/Bru Garcia

Repsol YPF president Antoni Brufau (L) talks to newly elected Bolivian President Evo Morales on January 4.

AFP

LA PAZ
Petroleumworld.com 02 15 06

Spanish oil giant Repsol YPF announced Tuesday it would invest 150 million dollars in Bolivia's natural gas sector, three days after Brazil's Petrobras said it planned to put five billion dollars in Bolivian energy.

Repsol said it would join hands with Bolivia's state energy firm YPFB as it expanded its investments in the impoverished country's natural gas production and transport sector.

"We are going to be partners," said Repsol official Julio Gavito, after meeting with YPFB president Julio Alvarado.

Repsol plans to invest the money in a gas pipeline and a gas liquefaction plant.
Three days earlier, Brazil's oil giant Petrobras said it planned to invest five billion dollars over five or six year in Bolivia's gas sector, though without giving details.

The announcements came just weeks after leftist Evo Morales became Bolivia's president in January, following an election campaign in which he called for increased state control over Bolivia's natural gas resources, South America's second largest.

While Repsol and Petrobras, the two largest investors in Bolivia's energy sector, have moved to embrace greater cooperation with YPFB, British Petroleum and France's Total, both also involved in the country, remain guarded about the new government's policies.

Petrobras' commitment appeared to be a significant vote of confidence in Morales from Brazilian leader Luiz Inacio Lula da Silva, according to local analysts.

AFP 02 14 06

Copyright © 2006 AFP. All rights reserved

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