Petrobras to invest in Bolivia natural gas

RIO DE JANEIRO, Nov. 7 (UPI) -- Brazil's state-run Petrobras plans to invest in Bolivia's natural gas.

Petrobras President Jose Sergio Gabrielli said the company will start evaluating "major" new investments in Bolivia.

He made the announcement after a meeting this week with Bolivia's hydrocarbons minister, Carlos Villegas, and Guillermo Aruquipa, president of the Andean country's state hydrocarbons company.

Petrobras has already set up the legal framework for a possible deal, Gabrielli said.

"In this new scenario, we can start evaluating new investments to boost gas production in Bolivia," Gabrielli said. "We are a gas-consuming country, while Bolivia is a producer. The complementary nature of our interests is very clear."

Bolivia exports more than 30 million cubic meters of gas to Brazil. A new meeting is planned for the end of November to define Petrobras' role in Bolivia's hydrocarbons sector.