Alexa
  • Directory of Taiwan

Morales says Petrobras willing to sell entire share of Bolivian refineries

Morales says Petrobras willing to sell entire share of Bolivian refineries

President Evo Morales said Thursday that Brazil's state-run oil company Petrobras is willing to sell its entire share in two Bolivian refineries, even though it is only required to divest a majority share under Bolivia's petroleum nationalization.
"Petrobras has demonstrated their willingness to sell 100 percent of their stock in the refineries," Morales said in news conference in La Paz, as he discussed meeting with Brazilian President Luiz Inacio Lula da Silva at a South American energy summit in Venezuela this week.
Under Morales' nationalization decree issued last year, Bolivia plans to take a majority interest in both refineries _ which together account for almost all of Bolivia's domestic fuel consumption _ but has yet to negotiate the terms of the transfer.
Morales hinted Thursday that Bolivia could seek to pay a lower price than that demanded by Brazil's Petroleo Brasileiro SA. He said negotiations between the two countries will determine whether the share is sold at international market price or their "inherited Bolivian value."
Morales also suggested that Bolivia's state energy company Yacimientos Petroliferos Fiscales Bolivianos, or YPFB, would prefer to reimburse Petrobras for its original costs rather than pay full market value. Petrobras bought the two refineries in 1999 for US$100 million.
On Wednesday Petrobras President Sergio Gabrielli said his company would "defend their point of view" on the plants' value.
Petrobras said it has invested some US$105 million (euro77.5 million) in the facilities.
Brazilian newspaper Folha de Sao Paulo reported Wednesday that Morales told Silva during the energy summit that Bolivia would take control of the refineries on May 1, the anniversary of the nationalization decree, without paying full compensation.
Last September, Bolivian Hydrocarbons Minister Andres Soliz announced the surprise confiscation of the two refineries in Cochabamba and in Santa Cruz _ without any reimbursement. Brazil complained forcefully, and Morales fired Soliz and rescinded the move.


Updated : 2021-10-26 01:14 GMT+08:00