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Jindal Steel decides to quit Bolivia project
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It is reported that Jindal Steel & Power Limited (JSPL) has confirmed this week the termination of the contract with Bolivian government to invest US$2.1 billion in the country.
The company said its exit was due to Bolivian government’s unwillingness to supply enough gas to the company as the originally agreed. Besides, the government didn’t accept the scale down of its investment because of the shortage of gas.
Furthermore, the company will consider suing the Bolivian government in an international court for breach of contract.
On the other hand, Bolivian government is to seek new partner after Jindal quits. The Mining Minister Mario Virreira said now they want to find a company who really has the capital to invest in Bolivia.
News Date
7/19/2012 10:56:47 AM
reported by
Raul Lee
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