Bolivia seeks to raise taxes on foreign oil companies

The Bolivian government is seeking to raise taxes on foreign oil operators such as Repsol, BP and Petrobras to 50 % from the current 18 %, according to new legislation to be presented to Parliament.
Bolivian President Carlos Mesa was quoted as saying that he expects the new tax law "to generate $ 50 mm this year, and if the companies develop big projects, we will generate more (money)."

The government is also calling for control of the country's gas and oil fields to be returned to the state.
Sources close to Repsol-YPF were quoted as saying that the company would only be affected by the possible tax increases. The ownership of its gas fields will not be affected.