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Petrobras signs $1.2bn deal for natural gas exploration in Bolivia

Staff Writer | November 12, 2016
Executives of Brazilian state oil company Petrobras and Bolivian counterpart YPFB signed a contract for a $.2 billion natural-gas exploration venture in southern Bolivia.
Energy   Evo Morales and Fernando Coelho Filho
Bolivian President Evo Morales and Brazil's minister of mines and energy, Fernando Coelho Filho, traveled to Bolivia's eastern city of Santa Cruz for the signing ceremony.

”The investments of companies such as Petrobras and (Brazilian state electric company) Eletrobras are guaranteed by the constitution and under accords ratified, moreover, by our legislative assembly,“ Morales said.

He recalled that in 2006, his government paid compensation to Petrobras after nationalizing a refinery owned by the Brazilian firm.

In addition to the Petrobras-YPFB deal, the meeting in Santa Cruz brought an accord to study the possibility of a hydroelectric projects on the Madera River, an Amazon tributary shared by Bolivia and Brazil.