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| Bolivia signs oil and gas deals | Bolivia signs oil and gas deals |
| (about 1 hour later) | |
| Bolivia has signed new contracts with two foreign oil firms as it seeks to exploit its rich natural resources. | Bolivia has signed new contracts with two foreign oil firms as it seeks to exploit its rich natural resources. |
| The deals were signed with France's Total and US-based Vintage. Other firms have until the end of Saturday to sign agreements or leave the country. | |
| The contracts come after President Evo Morales nationalised the oil and gas industry in May to give the state more control and a larger slice of profits. | The contracts come after President Evo Morales nationalised the oil and gas industry in May to give the state more control and a larger slice of profits. |
| Bolivia, though poor, is second only to Venezuela in terms of gas reserves. | Bolivia, though poor, is second only to Venezuela in terms of gas reserves. |
| Under the terms of President Morales' 1 May decree, foreign companies had six months to sign contracts giving up majority control of their Bolivian operations or leave the country. | Under the terms of President Morales' 1 May decree, foreign companies had six months to sign contracts giving up majority control of their Bolivian operations or leave the country. |
| Last-minute talks were continuing on Friday with Bolivia's largest natural gas producer, Brazil's Petrobras, as well as Spain's Repsol YPF, and the UK's BG Group. | Last-minute talks were continuing on Friday with Bolivia's largest natural gas producer, Brazil's Petrobras, as well as Spain's Repsol YPF, and the UK's BG Group. |
| Details of the contracts signed on Friday were not immediately available, but the president of Bolivia's state energy firm, Yacimientos Petroliferos Fiscales Bolivianos (YPBF), said they would bring Bolivia US$120m (£63m) in annual gas revenues. | Details of the contracts signed on Friday were not immediately available, but the president of Bolivia's state energy firm, Yacimientos Petroliferos Fiscales Bolivianos (YPBF), said they would bring Bolivia US$120m (£63m) in annual gas revenues. |
| 'Rocky' negotiations | 'Rocky' negotiations |
| Talks were dealt a blow in September when Andres Soliz Rada, a main player in the nationalisation process, resigned as energy minister. | Talks were dealt a blow in September when Andres Soliz Rada, a main player in the nationalisation process, resigned as energy minister. |
| Mr Soliz had clashed with state-owned Petrobras, the biggest investor in Bolivia's energy industry. | Mr Soliz had clashed with state-owned Petrobras, the biggest investor in Bolivia's energy industry. |
| However, Mr Rada was replaced by Carlos Villegas, and talks have since proved to be more fruitful. | However, Mr Rada was replaced by Carlos Villegas, and talks have since proved to be more fruitful. |
| There also were other problems including a lack of money that hampered Bolivia's YPBF, in its plans to buy control of the assets like refineries and pipelines. | There also were other problems including a lack of money that hampered Bolivia's YPBF, in its plans to buy control of the assets like refineries and pipelines. |
| YPBF also missed a 1 July deadline to restructure itself so it would be better able to handle its more dominant position in the oil and gas industry. | YPBF also missed a 1 July deadline to restructure itself so it would be better able to handle its more dominant position in the oil and gas industry. |