Gas Wars

July 2006 | Political Outlook

Bolivia's decision to nationalise its hydrocarbons industry on May 1 caused consternation in Brazil, and for good reason. State firm Petrobras is Bolivia's largest single customer of hydrocarbons, buying around 70% of Bolivian natural gas output, which in turn represents half of Brazil's supply. Bolivian President Evo Morales was elected on a platform of recovering national assets and increasing oil and gas revenue. Petrobras, which has invested billions of dollars in Bolivia, is already resigned to seeing its refineries and other operations in that country turned over to Bolivian state energy company Yacimientos Petroliferos Fiscales Bolivianos (YPFB). The situation has

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