Bolivia Says Has Deal To Pay Pan American For 2009 Expropriation

Reuters

LA PAZ, Aug 21 (Reuters) - Argentina-based Pan American Energy has agreed to accept less than 30 percent of the $1.49 billion it demanded from Bolivia as compensation for the 2009 nationalization of a subsidiary, the Andean nation's state attorney general said on Thursday.

Bolivia's government seized control of natural gas producer Chaco from Pan American in January 2009 after talks over a share transfer broke down.

Chaco is currently a unit of Bolivian state-owned firm YPFB. Before it was expropriated, YPFB held 49 percent of the firm.

"After a long process of negotiations with the company, finally on Tuesday, Aug. 19 we reached a definitive agreement," Attorney General Hector Arce said.

Pan American Energy is controlled by BP Plc, while Argentina's Bridas Holdings, which counts state-run Chinese oil firm oil firm CNOOC as an investor, holds a minority stake.

(Reporting by Daniel Ramos,; Writing by Sarah Marsh; Editing by Paul Simao)

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Attorney I
Expertise: Contracts Administration|Legal
Location: Houston, 
 
US Houston: Sr. EDI Logistics Specialist (Electronic Data Interchange)
Expertise: Logistics Management
Location: Houston, TX
 
Community Relations Manager Job
Expertise: Legal|PR / Corporate Communications|Project Management
Location: Red Wing, MN
 
search for more jobs

Brent Crude Oil : $54.16/BBL 0.44%
Light Crude Oil : $51.37/BBL 0.56%
Natural Gas : $3.37/MMBtu 2.12%
Updated in last 24 hours