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Morales Ratifies New Hydrocarbon
Stage
Bolivian President Evo Morales
ratified on Sunday in this
capital that the signing of 44
contracts with foreign oil
companies, which became a law,
marks a new stage in hydrocarbon
industrialization.
Morales signed on Sunday in
Palacio Quemado the regulation
that validates those agreements
between state YPFB (Bolivian Oil
Deposits) and 12 transnationals.
The head of State also explained
that the signing of those
contracts will allow the foreign
companies counting on the
necessary legal security that
will help them increase their
investments.
The contracts with oil companies
will generate a $300-million
annual income.
They will also favor a
$1.5-billion investment between
2007 and 2010 to favor
development of the prospect
fields, according to the
hydrocarbon ministry statistics.
In reference to his
participation in the
Africa-South America Summit in
Nigeria, on November 30 and
December 1, Morales stressed
several African nations´
interest in establishing trade
and diplomatic relations with La
Paz.
He also announced a momentous
meeting between Middle East and
Latin American heads of State in
2007, opening bilateral trade
and cooperation prospects, with
great benefits for the Andean
nation, he said.
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