Argentina, Brazil, Bolivia and Venezuela plan urgent meet May 4

Caracas (Platts)--3May2006

The presidents of Argentina, Brazil, Bolivia and Venezuela are planning an
urgent meeting May 4 to discuss energy matters, just days after Bolivia
announced the nationalization of its oil and gas industry, Venezuela's state
news agency ABN said Wednesday.

"We are not meeting to discuss the topic of gas nationalization in
Bolivia, but to look for formulas of energy integration in South America," ABN
quoted Venezuelan President Hugo Chavez as saying in a speech late Tuesday.

"Everything is going well for Bolivia and for all those involved in
hydrocarbons in that country," Chavez added. Despite Chavez's assurances, the
meeting was called at short notice almost immediately after Bolivian President
Evo Morales announced his nationalization plan on May 1. The move is likely to
hit Brazil hardest as its state-owned Petrobras controls almost half of
Bolivia's gas production.

The summit, to be held at Argentina's picturesque Iguazu Falls, comes
just nine days after Chavez met with Brazil's Luiz Inacio Lula da Silva and
Argentina's Nestor Kirchner in Brazil. At that meeting, Lula reportedly asked
Chavez to speak with Morales, a close ally, to tone down his nationalization
plans. Lula and Kirchner are also sid to have chided Chavez for stirring up
regional politics with his attempts to dismantle the Andean Community trade
bloc and pushes to restructure Mercosur. Chavez met with Morales and
disgruntled Mercosur members Uruguay and Paraguay earlier in April.

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