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Economy & Business - May 2005
BOLIVIA: The gas issue
The tortuous arguments in Bolivia over the new hydrocarbons law may be only a taste of what is to come across the region. Bolivia is one of three South American countries currently reformulating its tax and royalty arrangements for hydrocarbons. Venezuela and Argentina are also recasting existing arrangements. Ecuador may yet do so: the new economy minister, Rafael Correa, is unhappy that foreign oil companies operating in the country retain 80% of the oil they produce. Looking beyond oil and gas, Chile and Peru are both introducing new royalties on metal production in order to cash in on the boom in prices. Chile is winning praise from multilaterals because it is billing the new royalty as part of a strategy to help create a fund to back new technologies which will tilt the the economy away from depending on commodity exports.
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