Bolivia enacts hydrocarbons bill

The Bolivian Congress has approved the controversial hydrocarbons bill. The bill forces foreign oil companies to pay more tax, gives greater participation to the government as well as transferring a number of gas fields to the government owned oil company.

Brazilian government Oil Company Petrobras which operates in Bolivia and is responsible for 20% of the country’s GDP announced it will drastically reduce investments because of the new bill.

Petrobras, British Gas, British Petroleum and French Total who make up The Bolivian Hydrocarbons Chamber, described the bill as, "confiscatory" affecting "contract rights, the Bolivian Constitution, legal system and international agreements".

More details: Mercopress