LA PAZ Ė The Gran Chaco liquids separation plant being built by Spainís Tecnicas Reunidas (TR) is expected to generate $890 million annually for Bolivia from the sale of gas derivatives, said the CEO of state-owned oil company YPFB, Carlos Villegas.
ďFrom all the products we are going to produce at that plant and their sale, we are estimating that when it is at full capacity the state will receive a little more than $890 million per year,Ē Villegas said.
The YPFB chief accompanied President Evo Morales on Saturday to the Chaco region, which is on the border with Argentina, to inspect the gas project designed and being constructed by TR.
The Gran Chaco gas liquids separation plant, which is 76.4 percent complete, is expected to go online in 2015, Villegas said.
The plant will allow Bolivia to separate the valuable components of natural gas exported to Argentina, which currently processes them, the YPFB CEO said.
The plant will allow Bolivia to separate ethane for sale to Argentina, while propane and some ethane will be used in the domestic petrochemicals industry.
The government is investing $660 million in the project, Morales said.
Some 80 percent of the plantís production will be exported and the rest will be used domestically.
A smaller liquids separation plant that began operating last year in the eastern town of Rio Grande is allowing Bolivia to export liquefied petroleum gas (LPG) to Peru, Paraguay and Uruguay, the president said.
Morales congratulated the construction team on the progress being made at the Gran Chaco complex.