Bolivia targets private wealth holders

Private wealth holders are being targeted by Bolivia, prompting one UK-based company to announce that it is investing $500 million (£310 million) in the country's natural gas industry over the next five years.

BG Group PLC, which has had a presence in Bolivia for ten-plus years and which already delivers gas and liquids, said it planned on being "around for a lot longer".

The remarks come on the back of a recent statement from the South American country, which stated it is now looking beyond its borders to help increase its production of natural gas, reported the Wall Street Journal.

Alvaro Garcia Linera, Bolivia's vice president, said: "Now that the turbulence has settled, we're in a good position to expand our gas output. We're going to make the investment, create the security and reach the agreements to consolidate Bolivia's role as a stable provider of gas to her neighbours."

This development follows the nationalisation of its oil and gas industry in 2006, which hasn't helped the country maintain its export commitments to Argentina and Brazil.

The newspaper reported that the country hoped that both public and private investment would allow it to up its production significantly from its current capacity of 46.5 million cubic metres a day.

Bolivia is a landlocked country bordered by Peru, Brazil and Argentina. It has the second-largest reserves of natural gas in South America.

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