Bolivia ratifies legal guarantees for foreign companies

The Bolivian justice ratified legal guarantees for foreign companies that are investing in the country, according to a report published by the Ministry of Hydrocarbons and Energies.

It is very important to the government highliting the high responsibility of the First Constitutional Chamber of the Tarija Department, which ruled a decision in this regard, Minister of this sector, Frank Molina, said.

That ministry barred a Constitutional Protection filed against the First Chamber of the Plurinational Agri-Environmental Court, which annulled a sentence that bound Petrobras Bolivia S.A. to pay 61 million dollars.

The annulment of the fine for using agrarian property in the San Alberto del Gran Chaco field showed security for foreign investment, especially in the hydrocarbon sector, the minister said.

The aforementioned gas and oil field started production in 2000, operated by Petrobras Bolivia S.A. and Yacimientos Petrolíferos Fiscales Bolivianos (YPFB-Andina) and the company Total Energies, as partners.

Molina explained that his office is permanently following up the case, through lawyers of his ministry and YPFB, due to its economic implications and for being an oil operation of which the state enterprise is a partner.