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Bolivia foresees more income from gas sales to Brazil, Argentina

Xinhua, August 18, 2016 Adjust font size:

Bolivia's government projected on Wednesday an increase in revenue from its natural gas sales to Argentina and Brazil.

"The government has projected that from September, these new gas prices - 40, 45, 49 U.S. dollars, which were kept during the months of June, July and mid August, are going to bring better income to the countries and the regions that benefit" from the Direct Tax of Hydrocarbons said Bolivia's Vice President Alvaro Garcia Linera, during his speech at the 9th International Gas and Energy Congress in the eastern department of Santa Clara, west Boliva.

The fall in oil barrel prices undermined Bolivia's income, as well as tax collection for natural gas sales to Argentina and Brazil in the past year and caused a trade deficit in value, according to official reports from the government and the government-owned National Statistics Institute.

Vice President Garcia Linera admitted that the fall in oil prices internationally has impacted the region. However, he added that Bolivia is still making profit.

The government, through the Economy and Public Finance Minister Luis Arce, assured that the fall in revenue from natural gas sales on the foreign market will not impinge on Bolivia's economic growth. This factor is boosted by the domestic economy and is forecast to finish the year with a 5 percent expansion, added Arce.

"The worst moments of the oil prices have passed, the moments of moderately low oil prices are coming and if it moves between 40 and 60 (U.S. dollars) then it is a reasonable price," said Garcia Linera.

However, Bolivia's President Evo Morales predicted on Aug. 6 that the country will earn 2.6 billion dollars this year from oil revenue, with a price of up to 45 dollars per barrel, 2.8 billion dollars less than in 2014 when the country earned 5.4 billion dollars during the boom in crude prices and 900 million dollars less compared to 2015. Endi