Petrobras: Profit cut to stay in Bolivia

The president of Brazil's Petroleo Brasileiro SA, or Petrobras, has said that the state-run oil company is willing to reduce its profits in order to guarantee its operations and investments in Bolivia.

    Half of the natural gas used in Brazil comes from Bolivia

    Jose Sergio Gabrielli also said on Friday that Evo Morales, Bolivia's president-elect, had offered assurances that his government would not seek to nationalise the Bolivian operations of Brazil's oil giant.

    "It's better to have a bigger profit," said Gabrielli, who met Morales and Luiz Inacio Lula da Silva, the Brazilian president, in Brasilia.

    "But if this bigger profit hinders investments, then it's better to have a smaller profit."

    Gabrielli said Morales seemed inclined to take a business-friendly approach to negotiations with Petrobras, which is one of Bolivia's largest foreign investors.

    "We need them, and they need us"

    Jose Sergio Gabrielli,
    Petrobras president

    "We need them, and they need us," Gabrielli said, noting that 50% of the natural gas used in Brazil comes from Bolivia.

    Morales previously had threatened to nationalise foreign oil companies operating in Bolivia.

    Bolivia's first Indian president, who is scheduled to take office on 22 January, is expected to lay the groundwork for massive Brazilian investment in petrochemical plants, pipelines and roads in his Andean nation.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Meet the deported nurse aiding asylum seekers at US-Mexico border

    Meet the deported nurse helping refugees at the border

    Francisco 'Panchito' Olachea drives a beat-up ambulance around Nogales, taking care of those trying to get to the US.

    The rise of Pakistan's 'burger' generation

    The rise of Pakistan's 'burger' generation

    How a homegrown burger joint pioneered a food revolution and decades later gave a young, politicised class its identity.

    'We will cut your throats': The anatomy of Greece's lynch mobs

    The brutality of Greece's racist lynch mobs

    With anti-migrant violence hitting a fever pitch, victims ask why Greek authorities have carried out so few arrests.