Bolivia Expects Oil, Gas Tax Revenue to Rise 30 Percent in 2008

[Judi Lynn]

Bolivia Expects Oil, Gas Tax Revenue to Rise 30 Percent in 2008

By Alex Emery

May 17 (Bloomberg) -- Bolivia's oil and gas tax revenue is set to rise 30 percent this year as the Andean country takes over refineries and storage installations, President Evo Morales said today.

Oil and gas revenue will rise to about $2.5 billion from $1.93 billion in 2007, Morales said, after the government on May 1 seized a majority stake in four energy companies -- Spain's Repsol YPF SA, the U.K.'s BP Plc and Ashmore Group, and Germany's Oiltanking GmbH.

Morales, who took over refineries owned by Petroleo Brasileiro SA and Swiss trader Glencore International AG last year, has pledged to take greater control of the country's natural resources to keep energy and mining revenue in the country.

``If it wasn't for nationalization, we would still be receiving $300 million a year like we did in 2005,'' Morales told reporters in Lima. ``We won't negotiate the looting of our natural resources.''

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