Brazilian state-owned energy company Petroleo Brasileiro (Petrobras) will make no new investments in Bolivia and will not accept any change in the price of natural gas imports, the head of the company said on Wednesday.

"We have decided to suspend any possible investment in Bolivia, " except some basic maintenance, said Jose Sergio Gabrielli, president of Petrobras, adding that this was not a reprisal for Bolivia's Monday decision to nationalize its oil fields.

He also said the company would not take part in the proposed Brazil-Bolivia gas pipeline project.

Sergio said it was a response to the new economic conditions in the country.

He added that if Bolivia decided to charge more for natural gas supplies to Brazil, "we will not accept. We have to work with the principle that there are legitimate contracts that will be respected."

The presidents of Brazil, Argentina, Venezuela and Bolivia will meet on Thursday in the Argentine city Puertoi Iguazu to discuss the fallout stemming from Bolivia's move to nationalize its energy industry.

Source: Xinhua