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News // Oil and gas worldwide

Bolivian President To Visit Russia in February

05 February 2009 , 13:41Ksenia Kochneva796
Morales is expected to sign several agreements on investment and cooperation in energy, including with Russia's Gazprom.

The Russian energy giant and Bolivia's state hydrocarbons company YPFB are also to sign a memorandum of understanding during the visit which was announced by Morales in December last year.

Russia's Gazprom, which is increasingly looking to the Latin American markets, and France's Total signed an agreement with Bolivia on the joint exploration and production of natural gas in the country in mid-September. Experts estimate investment to reach $4.5 billion.

Bolivia holds second place after Venezuela in terms of gas reserves in Latin America.

Bolivia's natural gas reserves are largely concentrated in the southeast of the country at four major deposits Margarita, San Alberto, Sabalo and Itau.

In May 2006, Morales signed a decree on nationalizing the country's gas industry.

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