Bolivia Finalizes Agreements With Russia's Acron, Gazprom - Hydrocarbons Ministry
Faizan Hashmi Published July 13, 2019 | 09:30 AM
MEXICO CITY (UrduPoint News / Sputnik - 13th July, 2019) Bolivian state-owned energy conglomerate YPFB and Russian fertilizer company Acron have specified their agreements to create a joint venture to sell urea produced at two plants in Brazil and Bolivia, the Bolivian Hydrocarbons Ministry said, adding that YPFB also agreed upon a deal with Russian energy giant Gazprom on the Vitiacua project.
Bolivian Hydrocarbons Minister Luis Alberto Sanchez said that the contacts had not been signed yet but they would be inked in the coming weeks.
YPFB and Acron plan to set up the joint venture called BORUS Fertilizers to sell fertilizers in Brazil, according to the Bolivian company. Its share in the project will be 49 percent, while Acron will own 51 percent of the joint venture.
Under the same deal, Acron is expected to buy Tres Lagunas fertilizer plant in Brazil's state of Mato Grosso do Sul from energy company Petrobras. The plant will receive 2.2 million cubic meters of Bolivian gas on a daily basis for 20 years, beginning in 2023.
The plant will produce 1.2 million tonnes of urea and YPFB will own 12 percent of its shares, with a possibility of growth of up to 30 percent. The investment will amount to $2 billion and it is expected to begin operating under the deal beginning in 2023.
Moreover, Acron will "provide technical support" to new fertilizer plants within the Bulo Bulo project in Bolivia, according to YPFB.
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