YPFB and Gazprom Move Closer to NGV Advancement in Bolivia

| Bolivia: Sucre

Further to the signing of a Memorandum of Intent in November last year with the intent of promoting natural gas fueled transportation, Bolivia’s state owned and operated oil company Yacimientos Petroliferos Fiscales Bolivianos (YPFB) and Russian natural gas company Gazprom have now signed a framework agreement to evaluate the hydrocarbon potential of three potential oil reserves in the South American country.

“We have had some significant advances for investments in the Vitiacua area: continue working with the credit to import Russian Compressed (CNG) and Liquefied Natural Gas (LNG) vehicles within the framework of the environmental care policy in Bolivia; and continue with the support of Gazprom in the planning, projection of everything that is the chain of hydrocarbons in Bolivia, obviously with the capacity and know how that Gazprom has,” said Bolivia’s Minister of Hydrocarbons, Luis Sánchez, at the meeting last week.

The agreement will allow the companies to evaluate the hydrocarbon potential in the Bolivian Amazonian regions of Vitiacua, La Ceiba and Madidi. Last year’s MoI and this recent framework agreement are part of the buildup to a visit this month to Russia by Bolivia’s pesident, Evo Morales, to meet with President Vladimir Putin.

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