Bolivia and Russia negotiate energy agreement

RIO DE JANEIRO, BRAZIL – Bolivia confirmed that it is negotiating with Russia an agreement to execute oil and natural gas projects in this South American country. They intend to perfect in a forthcoming meeting of the Russian-Bolivian Intergovernmental Commission for economic and commercial cooperation.

The cooperation “will allow the development of joint projects for geological exploration, production, transportation, processing, purification, storage and sale of oil and gas in Bolivia”, said the Ministry of Hydrocarbons in a statement.

The official announcement came hours after Russian Energy Minister Nikolay Shulguinov revealed the outcome of a meeting with Bolivian Hydrocarbons Minister Franklin Molina in the run-up to the Sixth Summit of Heads of State and Government of the Gas Exporting Countries Forum in Doha, Qatar.

Russia has in the recent past expressed its interest in cooperating in Bolivia’s energy development, even going so far as to commit millions of dollars in investments from its Gazprom company during a 2018 meeting in Moscow between then Bolivian President Evo Morales (2006-2019) and Russian leader Vladimir Putin.

In addition, the Russian firm Rosatom is currently building a nuclear technology research center in the city of El Alto, which will be the highest above sea level in the world.

“The Bolivian minister received an invitation from the Russian authority for Bolivia to participate in the World Energy Congress in St. Petersburg, western Russia, from October 24 to 27 this year,” the report said.

Molina also held bilateral meetings with his Russian and Algerian Energy and Mines counterparts, Mohamed Arkab.

The Gas Exporting Countries Forum (GECF) is an international organization that promotes the exchange of experiences and information among the countries that export this increasingly important resource.

It is made up of 11 member countries and seven observers, which together hold 70% of proven gas reserves, 44% of marketed production, 52% of pipelines built, and 51% of the world’s Liquefied Natural Gas (LNG) exports, according to an official GECF report.