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Prates says Bolivia, Venezuela moves make ‘geopolitical sense’ (YPFB)
Mariana Durao, Bloomberg News
RIO
EnergiesNet.com 10 26 2023
Brazilian oil giant Petroleo Brasileiro SA and Bolivian state energy producer YPFB are planning a $2.5 billion joint investment to build an ammonia and urea plant in Puerto Quijarro, near the countries’ border.
Brazil consumes 80% of Bolivia’s current fertilizer output, and the plant is expected to produce 4,200 tons per day, said YPFB, formally known as Yacimientos Petroliferos Fiscales Bolivianos. The discussions were unveiled by YPFB in a statement Wednesday after a Petrobras delegation visited the country last week.
“The progress of these initial rapprochement talks between the two countries will be mutual and gradually constructive,” Petrobras said in a statement. The company is studying the best alternatives for executing its strategy in the fertilizer sector, it added.
Read More: Petrobras Studies How Chevron Got Back Into Venezuela, CEO Says
Petrobras had meetings at Bolivia’s Ministry of Hydrocarbons and Energies to discuss natural gas supplies, renewable energy, fertilizers, lithium and investments in oil and gas exploration and production in the country, Chief Executive Officer Jean Paul Prates said in a post on X, the social media platform formerly known as Twitter.
Petrobras has shown an interest in resuming investments in neighboring countries Venezuela and Bolivia, which Prates has said makes “geopolitical sense” due to their vast potential for oil and gas. The easing of sanctions on Venezuela “seriously inspires” Petrobras to think about investing in the oil-rich nation, which will need funds to rebuild its deteriorated industry, Prates said in an interview this week.
