Morales to Send Bill to Congress to Amend Flawed Contracts
Bolivia's President Evo Morales will send a bill to congress that would amend errors in 10 contracts signed with hydrocarbons companies which have prevented 44 new contracts from taking effect, government news agency ABI said in a statement.
The bill would not affect the content of the contracts but rather the cover pages, which also have a legal effect, the statement reported Bolivia's VP Alvaro Garcia Linera as saying.
Linera does not expect difficulty in passing this law quickly as the errors are minimal and relate to transcription that occurred in congress when the 44 contracts were approved.
The changes will not require any renegotiation of the terms with the companies.
Twelve companies operating in Bolivia signed new E&P contracts with the government in October 2006 as part of Bolivia's hydrocarbons nationalization process.
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.