Petrobras to sign agreement with Bolivia

Petrobras will sign a long-term natural gas agreement with Bolivia's new government, which will include cooperation in oil and gas E&P.

Offshore staff

(South America) - Petrobras will sign a long-term natural gas agreement with Bolivia's new government.

Petroleo Brasileiro SA says in a statement that in the coming weeks it will sign an agreement on projects that will guarantee its long-term supply of natural gas and an expansion of its investments in Bolivia.

Brazil is Bolivia's biggest natural gas client.

Petrobras said the agreement will cover cooperation in refining, oil and gas E&P, alternative fuels, and gas distribution in Bolivia, which has the second largest natural gas reserves in South America after Venezuela.

In its statement Friday, Petrobras didn't discuss the terms under which the company would operate in Bolivia in the future.

Details of the agreement will be worked out in the coming weeks.

Petrobras CEO Sergio Gabrielli and Brazilian Mines and Energy Minister Silas Rondeau are slated to sign the agreement in late February.

02/13/06

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