Argentina renegotiates key gas supply contract with Bolivia

BUENOS AIRES (Reuters) - Bolivia and Argentina agreed to a modification in a key gas import contract that changes prices and volumes the Andean country exports to the southern nation, the governments announced on Thursday.

The adjustment, which changes the schedule in deliveries so that Argentina receives less gas in times of lower consumption, will mean a savings of $460 million for Argentina, officials said.

The agreement establishes the shipment of 11 million cubic meters per day from Bolivia in the summer months and between 16 million and 18 million cubic meters per day in the winter months, according to Argentine officials.

Bolivia is South America’s largest natural gas exporter and depends on the resource for most of its export revenue. Argentine officials said in 2018 they were aiming to change the terms of the gas import contract with Bolivia so imports would peak during winter, rather than staying flat throughout the year.

Reporting by Daniel Ramos; writing by Cassandra Garrison; editing by Leslie Adler