Russian oil and gas company Gazprom’s subsidiary Gazprom Gazomotornoye Toplivo has signed a memorandum of intent with Yacimientos Petroliferos Fiscales Bolivianos (YPFB) to set up a joint venture (JV).

The agreement was signed at the 4th Gas Exporting Countries Forum Gas Summit in Santa Cruz, Bolivia.

Under the agreement, the companies will work together in a JV to develop the production and marketing infrastructure for compressed and liquefied natural gas to be sold as a vehicle fuel.

In addition, the proposed infrastructure will cover autonomous gasification in the Plurinational State of Bolivia and other Latin American countries.

In February last year, Gazprom and YPFB signed an agreement that provided for strategic cooperation in exploration, production and transportation of hydrocarbons, construction and modernisation of oil and gas infrastructure in Bolivia.

“Under the programme, the company’s overall amount of investments will stand at RUB1,278.83bn ($21.89bn).”

The agreement also focused on promoting the use of gas as a vehicle fuel in Bolivia, as well as implementing joint R&D projects.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Furthermore, the parties also agreed to explore the possibilities of jointly working on energy projects based in other countries.

In a separate development, the Gazprom management committee approved the company’s draft investment programme and budget for next year.

Under the programme, the company’s overall amount of investments will stand at RUB1,278.83bn ($21.89bn).

Gazprom will invest RUB798.428bn ($13.66bn) of the total amount for capital investments, while RUB40.983bn ($701.49m) will be allocated for the acquisition of non-current assets, and RUB439.419bn ($7.53bn) will be used for long-term financial investments.