Bolivia's Lower House to Vote on Correction of 15 Contracts

Bolivia's lower house will vote March 7 to approve a bill that would correct errors in 15 of the 44 contracts negotiated with oil firms as part of President Evo Morales' nationalization program, government news agency ABI reported.

Initially, state oil company YPFB had reported only 10 contracts had minimal errors that required revision, but an "exhaustive revision" showed there were actually 15 contracts with mistakes, a spokesperson from the hydrocarbons ministry told BNamericas.

Following approval of the 15 contracts by the upper house, all 44 contracts will have to pass through both houses again before coming into effect, the spokesperson said.

The bills are expected to pass easily through the lower house, where Morales' party MAS has a majority, although they could face more opposition in the upper house.

However, hydrocarbons minister Carlos Villegas still aims for the contracts to take effect by March 15 as announced mid-February.

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.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Contract Administrator
Expertise: Contracts Administration
Location: Chesapeake, VA
Logistics Coordinator & Optimization Analyst
Expertise: Logistics Management
Location: Billings, MT
Associate Category Manager or Category Manager Job
Expertise: Logistics Management|Purchasing|Supply Chain Management
Location: Denver, CO
search for more jobs

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours