Petrobras and YPFB Resume Negotiations

Petrobras' president, José Sergio Gabrielli de Azevedo, met in La Paz today (11/06) with Bolivia's Hydrocarbons minister, Carlos Villegas, and with the president of YPFB, Guillermo Aruquipa, to resume negotiations concerning several issues, among which gas production in Bolivia. "We are a gas-consuming country, while Bolivia is a producer. The complementary nature of our interests is very clear," said the Brazilian company's president at the end of the meeting.

Gabrielli mentioned Petrobras has a legal mark in Bolivia today, in addition to signed production agreements, and defined legal conditions. "The agreements have been registered and now, in this new scenario, we can start evaluating new investments to boost gas production in Bolivia," said the president, who completed that "a new relationship is beginning."

Increased gas production does not mean, however, the entire additional volume that will be produced will be exported solely to Brazil.

After the meeting, which lasted some four hours and was held at the Bolivian oil company's main office building, the minister and the two companies' presidents granted a press conference. Well humored, they informed that the meeting, although not conclusive, was extremely positive. A new round of talks between the two companies is expected to take place between November 26 and 30 at a location yet to be defined.