Pan American Demands $1.5 bln for 2009 Expropriation

Source: Reuters 10/9/2013, Location: South America

Argentina-based energy firm Pan American Energy has requested $1.49 billion from Bolivia as compensation for the 2009 nationalization of its subsidiary in the Andean nation, according to a statement late Tuesday from Bolivia's state attorney general's office.

Pan American Energy filed its request at The World Bank International Centre for Settlement of Investment Disputes in late September, the statement said.

Bolivia's government seized control of natural gas producer Chaco from Pan American in January 2009 after talks over a share transfer broke down.

Chaco is currently a unit of Bolivian state-owned firm YPFB. Before it was expropriated, YPFB held 49 percent of the firm.

Bolivia has not stated what it is willing to pay Pan American in the dispute, though the attorney general's office called the $1.49 billion amount "exaggerated."

Pan American Energy is controlled by BP Plc, while Argentina's Bridas Holdings, which counts state-run Chinese oil firm oil firm CNOOC as an investor, holds a minority stake.


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