Bolivia and Venezuela Finalise Petroandina

Venezuela's President Hugo Chávez and his Bolivian counterpart, Evo Morales, formally signed an agreement to form a new joint venture (JV) YPFB-Petroandina on August 10. The agreement took place in Bolivia on the final stop of Chávez's regional tour, during which he agreed to help fund the construction of new liquefied natural gas (LNG) facilities in Argentina and Uruguay. Overall, Chávez appears to have successfully strengthened regional energy cooperation, suggesting that international oil companies (IOCs) may face yet further barriers to entering the upstream sectors across the continent.

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