Business
Bolivia: Cooperation Agreement and Exclusivity
Bolivia: Cooperation Agreement and Exclusivity.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9986K\n Echo Energy PLC\n 08 January 2021\n \n \n \n 8 January 2021\n \n Echo Energy plc\n (\"Echo\" or the \"Company\")\n \n Bolivia: Cooperation Agreement and Exclusivity\n \n Echo Energy, the Latin American focused energy company, is pleased to announce that it has signed a cooperation agreement (the \"Cooperation Agreement\") with GTL International S.A. (\"GTLI\"), a majority owned subsidiary of the Bolivian company UruboCorp focussed on energy production and supply in Bolivia and with interests in both the hydrocarbon and renewables sectors.\n \n \n Pursuant to the Cooperation Agreement the Company and GTLI will collaborate to jointly promote their business development initiatives in Bolivia, including through joint efforts to identify and assess new business development opportunities across the full energy spectrum, in relation to which the parties have granted each other a six month period of exclusivity (\"Exclusivity\"). The Cooperation Agreement will enable a portfolio of opportunities to be matured in a cost-effective way across the Bolivian energy space. \n \n \n \n \n \n Echo has existing long-term relationships in Bolivia, has been represented on the Bolivian Hydrocarbon and Energy Chamber and the country remains a key focus of the Company's Latin American growth strategy. Given the current business environment in Bolivia, the Echo Board believes that there is a window of opportunity to pursue business development opportunities across the energy sector, including potentially renewables, and the relationship now formed with GTLI under the Cooperation Agreement is expected to further strengthen the Company's local relationships and will provide the Company with access to advantaged additional origination opportunities and valuable local insight. \n \n \n \n \n \n GTLI is a leading Bolivian Energy Operator and holds the El Palmar operational hydrocarbon contract with the Government of Bolivia and is a subsidiary within a larger investment group known as UruboCorp that includes mining (gold), real estate and energy, and with interests in both the hydrocarbon and renewables sectors.\n \n \n \n \n \n Cooperation between the Company and GTLI on any specific projects identified remains subject to, inter alia, the negotiation and entry of binding...