BARCELONA (AFX) - Repsol YPF SA will not necessarily see its production or earnings affected by the crisis it is experiencing in Bolivia after the country nationalised its hydrocarbons reserves, chairman Antoni Brufau said.
Speaking at a conference in Barcelona, Brufau said that despite Bolivia being an important operating base for the company, with 300,000 barrels of oil equivalent of gas or 10 pct of the company's gas reserves based there, the country only represents about 2 or 3 pct of the group's total assets.
The chairman said that the process of natural reserve nationalisation in Bolivia is at an early stage, adding that companies and the government have 180 days to reach an agreement.
He said that during the first 90 days of this period, the Bolivian authorities will be sounding out the situation of the companies involved, but noted that Repsol is ready to defend its interests. afxmadrid@afxnews.com jg/tr/jlw COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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