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Bolivia's YPFB to invest in petchems, drive economic growth: CEO
SAO PAULO
Petroleumworld.com, Mar 17, 2008
The Bolivian government intends to create value to the country by
investing in the petrochemical sector, transforming natural gas into
thermoplastic resins, like polyethylene, said YPFB's new CEO, Santos Ramirez.Subsequently, YPFB plans to build a plant to produce ammonia and urea in
the cities of Santa Cruz and Cochabamba, said Ramirez, adding details were to
follow.Additionally, Ramirez focused on the importance of YPFB, saying that the
company will play a key role in Bolivia's transition to a developed economy."Through YPFB and the industrialization of natural gas, Bolivia can make
the transition from a primary economy to a secondary one," Ramirez said in
an interview with the Bolivian newspaper La Razon published Friday.Ramirez was announced as YFFB's CEO Thursday, replacing Guillermo
Auquipa, who has been accused of irregularities.The Bolivian government will invest $5 million in YPFB for the company to
study projects in the energy sector and YPFB intends boost its skilled
laborforce, Ramirez said. The company has lost many employees since the
Bolivia's nationalization in the energy sector, which started in 2005.An advocate of the nationalization of Bolivia's energy sector, Ramirez
said the government was negotiating with private companies on investing in
Bolivia. How the private companies would invest in Bolivia was not clear.Ramirez plans starting March 17 to meet with leaders of oil and gas
companies operating in Bolivia to evaluate work they have done over the past
two years and investments projected for the next years."We will know the commitment of these companies to invest in the
country," he said.There are uncertainties, however, about how the government would enable
private companies invest in the country.One of the biggest private players in the gas sector, Brazil's state-led
Petrobras has invested more than $1 billion in Bolivia since 1999. But
analysts say the company will only announce new spending in Bolivia if YPFB
was a partner and Petrobras was allowed to increase its share of profits from
gas production.
Story by Roberto Rockman from Platts
Platts 14 03 08Copyright© 2008 respective author or news agency. All rights reserved.
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