Petrobras to invest $1.1bn in Bolivia

Brazilian President Luiz Inacio Lula da Silva plans to invest $1.1 billion to develop Bolivia’s natural-gas reserves as the Andean nation struggles to meet supply contracts to Brazil and Argentina.

Brazil’s state oil company “has made the commitment to invest $1.1 billion in the coming years,” Lula said. “We need gas and we will act with the Bolivian government to fulfill that need.” Bolivia has struggled to keep up with supply contracts to Brazil and Argentina as investment dropped off under President Evo Morales’ administration. Petrobras suspended projects in Bolivia in 2006 after Bolivia raised taxes by 80%. Lula and Morales also visited the Bolivian town of Puerto Suarez and announced the two countries would work on exploration of new gas deposits in Bolivia, without elaborating.

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