Petrobras, YPFB Start Preparatory Talks Over Nationalization

Officials from Brazil's federal energy company Petrobras (NYSE: PBR) and Bolivia's state oil company YPFB started meetings on Tuesday to pave the way for September 29 negotiations over the effects of Bolivia's hydrocarbons nationalization, a Petrobras spokesperson told BNamericas, confirming press reports from both countries.

Specifically, the two companies will discuss natural gas export contracts, new service contracts for E&P and refining and compensation payments to Petrobras for Bolivia's nationalization policy.

Talks also will help prepare for an October 9 meeting between Bolivia's hydrocarbons minister Carlos Villegas and Brazil's mines and energy minister Silas Rondeau.

Bolivia understands the importance of Brazil for the development of its hydrocarbons sector, Villegas said in an article by Bolivian state news agency ABI. The minister added the countries must steer away from conflict.

Separately, Petrobras and YPFB will meet on September 29 in Santa Cruz de la Sierra to discuss gas export contracts, Petrobras said in a statement.

The talks were announced after Bolivia suspended the September 12 hydrocarbons ministry resolution that would have transferred to YPFB control of the sale and exports of hydrocarbons and their derivatives.

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