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Bolivian oil and gas company YPFB and Russia’s Gazprom have agreed to draft a bilateral deal to develop the gas industry, Bolivian President Luis Arce said.

“Our YPFB agreed with Russia’s Gazprom during the St. Petersburg International Economic Forum to move further within the roadmap to develop investments in Bolivia. We will also develop a bilateral agreement to develop the industry,” Arce wrote on Twitter.

He did not give any details about the specific agreement in question.

Bolivia’s gas reserves are among the largest in Latin America, and active work on their monetization since 2007 has been carried out, including with Gazprom. It was then that it signed with Bolivia’s state company YPFB a memorandum of cooperation in the exploration and production of hydrocarbons in Bolivia, studying the possibility of participating in infrastructure projects, including the production of LNG.

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