Nationalization Contracts to Come into Effect by March 15



The 44 contracts negotiated with 12 oil firms as part of Bolivian President Evo Morales' nationalization program will come into effect by March 15, government news agency ABI reported hydrocarbons minister Carlos Villegas as saying.

Technical problems with 10 of the contracts have held up the process. Morales previously announced plans to send a bill to congress that would amend the errors.

The errors are minimal and therefore will not require renegotiation, BNamericas previously reported.

Under the nationalization framework, Bolivia's income from hydrocarbons in 2007 is expected to reach US$2bn, ABI reported Morales as saying, citing national statistics institute INE and economic policy analysis unit Udape.

Visit BNamericas to access our real-time news reports, 10-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.