Tecnopor SA, one of the country’s leading manufacturers of expanded polystyrene and pre-stressed beams, dismissed 52 of 72 workers from its La Paz branch. The company took this action because its sales fell by 75% due to the coronavirus pandemic.
The national government has decided to approve the rescue plan for Bolivia’s state-owned airline, BoA, and is managing the delivery of $25 million of the $50 million the airline needs to overcome the economic crisis
The Government owes two invoices for the metropolitan train that total 250 million Bolivianos ($35.9 mn), pending since September 2019, and another Bs 8 million ($1.5 mn) for interest, established according to contract in case of non-payment. The work paralyzed at two-thirds of its progress.
The oil company Shell Corporation Bolivia Branch filed an arbitration against YPFB and demanded that it pay 26 million dollars for outstanding debts that were recognized and not paid.
The Bolivian state aviation company (BoA) will receive economic support of Bs 30.6 million ($4.39 mn) from the National Treasury – TGN, at a time when it is facing a complicated financial situation resulting from the quarantine that led to the suspension of domestic and international flights.
The coronavirus pandemic has seen a readjustment of the work schedule of the new plant being built in Sucre, Bolivia, by Fancesa as COVID-19 forced a 70-day quarantine upon the project. Start-up of the cement plant is now expected in the first quarter of 2021. While the project currently stands at 91 per cent completion, the remaining share of the work is the “most complicated”, according to Armin Cortez, chairman of the Board.
Bolivian state-run iron ore and steelmaking company Empresa Siderurgica del Mutun (ESM) plans to export 250,000 mt of iron ore to clients in Argentina and Germany by year-end, the Bolivian ministry of mining said. ArcelorMittal’s Argentinian subsidiary, Acindar, and ThyssenKrupp in Germany should get the commodity. The 250,000 mt iron ore shipment should generate $7.1 million in revenues.
Ecofuturo, one of the youngest banking entities in Bolivia will have a credit portfolio of $500 million in the coming months, said the general manager of the entity, Gustavo Garcia. In an interview with La Razón, he said that as of May 31 the bank has 330,000 customers, including savings and current accounts and 70,000 credit customers.
Capstone Turbine Corporation, the world’s leading clean technology manufacturer of microturbine energy systems, announced that it continues to expand its market presence in Latin America with its first long-term Factory Protection Plan (FPP) service agreement in Bolivia for a 600 kilowatt (kW) microturbine system. Despite the recent impact from Covid-19, the countries in Latin America represented 13% of Capstone’s total revenues in the fiscal year ended March 31, 2020, compared to 12% of total revenues in the prior fiscal year.
The Guabirá Sugar Mill began its 2020 sugarcane harvest yesterday, with the expectation of grinding 2.6 million tons of cane to produce three million quintals of sugar and close to 100 million litres of alcohol.