August 21, 2014 / 7:07 PM / 3 years ago

Bolivia says has deal to pay Pan American for 2009 expropriation

LA PAZ, Aug 21 (Reuters) - Argentina-based Pan American Energy has agreed to accept less than 30 percent of the $1.49 billion it demanded from Bolivia as compensation for the 2009 nationalization of a subsidiary, the Andean nation’s state attorney general said on Thursday.

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.

“After a long process of negotiations with the company, finally on Tuesday, Aug. 19 we reached a definitive agreement,” Attorney General Hector Arce said.

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. (Reporting by Daniel Ramos,; Writing by Sarah Marsh; Editing by Paul Simao)

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