Brazil's state-owned oil and gas giant Petrobras will analyze the possibility for new investment in Bolivia following nationalization of the country's energy reserves, a member of the company's board of directors said Monday.

Contracts on the resumption of the investment have been signed and legitimated, said Petrobras Director for Gas and Energy, Ildo Sauer.

According to Sauer, the company and Bolivia's YPFB will consider new opportunities for investment in the country and renegotiate the price for the natural gas purchased by Brazil within 120 days.

He said several projects were being studied when President Evo Morales announced the nationalization decree in May. The Brazilian company is expected to double its daily supply of 30 million cubic meters of natural gas imported from Bolivia.

The increase will take place gradually as the gas flow in the pipeline that connects the two countries is increased, Sauer said. Extending the pipeline will be analyzed further, Sauer added.

An impasse with Bolivia had raised Petrobras' expenses and caused the oil and gas giant to leave the retail market and transfer its control over refineries in the country to YPFB.

Sauer is one of the initiators of South America's energy integration project, which is constructing a pipeline linking the main natural gas producers and consumers in the region.

Source: Xinhua