Brazil, Bolivia reach deal on refineries, official says
NU Online · Jumat, 11 Mei 2007 | 01:43 WIB
Brazil’s state-run oil companyPetroleo Brasileiro SA has reached a deal to sell two refineries for US$112 million (euro83 million) back to Bolivia, Brazilian Mines and Energy Minister Silas Rondeau said Thursday.
The deal, down from Petrobras’ original asking price of US$160 million (euro118 million), comes just days after Bolivian President Evo Morales issued a decree barring the company from exporting certain refined oil products.<>
Morales — who last year announced the nationalization of his country’s energy sector, including the two refineries — was expected to make an announcement later.
Bolivia sold the facilities, which together account for 90 percent of the country’s fuel consumption to Petrobras in 1999 for more than US$100 million (euro73.5 million). Petrobras has demanded it be compensated for heavy investment made since then.
Petrobras had given the Bolivian government until noon (1500GMT) Thursday to respond to an offer to sell the refineries at what it considers a fair price, or face international arbitration.
Petrobras CEO Sergio Gabrielli also warned earlier this week that if Bolivia refused to pay a fair price, Petrobras would keep new investments in the country to an absolute minimum — just enough to ensure current natural gas output. (ap/dar)
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