Venezuela and Iran are to loan Bolivia US$225 million to create a state cement company for the construction of roads and houses, Deputy Minister for Small and Medium Businesses Eduardo Peinado said on Saturday. The deal was made between Bolivian President Evo Morales, Venezuelan Ambassador Julio Montes Prado and Iranian business official Hojjatollah Soltani, he said.
Bolivia, South America’s poorest nation, has formed strong ties with Venezuela under Morales.
The Bolivian leader has modeled socialist reforms in his country’s after those of Venezuelan President Hugo Chavez, who enjoys strong commercial ties with Iran.
Peinado said the state company to be formed would use the credit to build two plants in the southern Andean cities of Oruru and Potosi that would produce a total 700,000 tonnes of cement per year.
The deal has a political dimension: One of Morales’ political opponents, Samuel Doria Medina, controls cement production in Bolivia through several private companies.
Separately, Bolivia and Shell have signed a deal compensating the Anglo-Dutch energy group for its share in the nationalized gas pipeline company, Transredes.
The accord was signed late on Friday by Bolivian Energy Minister Carlos Villegas and Shell representative Jose Maria Linardi in the presence of Morales, a photographer at the ceremony said.
The amount of the deal for Shell’s stake in Transredes, which was nationalized by Morales last year, was not divulged by officials.
Reports on Saturday, however, put the sum at US$120.57 million.
The accord lifts the share held by Bolivia’s state-owned YPBF energy company in Transredes and gives the government a 98 percent stake, officials said.
The other 2 percent is held by private partners.
“YPBF has become owner of Shell’s share in Transredes at a price established by the national government,” Villegas said.
The deal didn’t include another stakeholder in Transredes, US company Ashmore Energy International, which was demanding a US$500 million payout from Bolivia in a case before the Arbitration Institute of Stockholm’s Chamber of Commerce.
Shell and Ashmore together owned 50 percent of Transredes through a joint company, TR Holding, before it was nationalized.
Bolivia has the second-biggest gas fields in Latin America after Venezuela. Nationalization of the sector is one of the central policies of Morales’ reforms.
Tropical Storm Gaemi strengthened into a typhoon at 2pm yesterday, and could make landfall in Yilan County tomorrow, the Central Weather Administration (CWA) said yesterday. The agency was scheduled to issue a sea warning at 11:30pm yesterday, and could issue a land warning later today. Gaemi was moving north-northwest at 4kph, carrying maximum sustained winds near its center of up to 118.8kph and gusts of 154.8kph. The circumference is forecast to reach eastern Taiwan tomorrow morning, with the center making landfall in Yilan County later that night before departing from the north coast, CWA weather forecaster Kuan Shin-ping (官欣平) said yesterday. Uncertainty remains and
SEA WARNING LIKELY: The storm, named Gaemi, could become a moderate typhoon on Wednesday or Thursday, with the Taipei City Government preparing for flooding A tropical depression east of the Philippines developed into a tropical storm named Gaemi at 2pm yesterday, and was moving toward eastern Taiwan, the Central Weather Administration (CWA) said. Gaemi could begin to affect Taiwan proper on Tuesday, lasting until Friday, and could develop into a moderate typhoon on Wednesday or Thursday, it said. A sea warning for Gaemi could be issued as early as Tuesday morning, it added. Gaemi, the third tropical storm in the Pacific Ocean this typhoon season, is projected to begin moving northwest today, and be closest to Taiwan on Wednesday or Thursday, the agency said. Today, there would likely
DISRUPTIONS: The high-speed rail is to operate as normal, while several airlines either canceled flights or announced early departures or late arrivals Schools and offices in 15 cities and counties are to be closed today due to Typhoon Gaemi, local governments announced last night. The 15 are: Taipei, New Taipei City, Taoyuan, Tainan, Keelung, Hsinchu and Kaohsiung, as well as Yilan, Hualien, Hsinchu, Miaoli, Chiayi, Pingtung, Penghu and Lienchiang counties. People should brace for torrential rainfall brought by the storm, with its center forecast to make landfall on the east coast between tonight and tomorrow morning, the Central Weather Administration (CWA) said. The agency issued a sea warning for the typhoon at 11:30pm on Monday, followed by a land warning at 11:30am yesterday. As of
CASUALTY: A 70-year-old woman was killed by a falling tree in Kaohsiung as the premier warned all government agencies to remain on high alert for the next 24 hours Schools and offices nationwide are to be closed for a second day today as Typhoon Gaemi crosses over the nation, bringing torrential rain and whipping winds. Gaemi was forecast to make landfall late last night. From Tuesday night, its outer band brought substantial rainfall and strong winds to the nation. As of 6:15pm last night, the typhoon’s center was 20km southeast of Hualien County, Central Weather Administration (CWA) data showed. It was moving at 19kph and had a radius of 250km. As of 3pm yesterday, one woman had died, while 58 people were injured, the Central Emergency Operation Center said. The 70-year-old