Under the terms of the MoU, valued over a €1bn ($1.1bn), the two parties will focus on future collaboration in the field of products and services for the oil and gas industry.
Siemens also agreed with Bolivia to collaborate on renewable energy including training and technology transfer in wind and solar energy as well as transmission and distribution sectors in order to support the country’s plan to increase electricity to its population.
Siemens Division Power and Gas CEO Willi Meixner said: "With this major agreement we further strengthen the energy partnership between Bolivia and Siemens.
"Our products and solutions will help our partner ENDE to significantly increase the efficiency in electricity production and support the future plans of energy export."
As per the exclusive agreement, Siemens will also be responsible for the supply of gas turbine combined cycle equipment for a substantial expansion of three existing thermal power plants, which have a combined capacity of 460MW.
The expansion of the state-owned utility ENDE ANDINA-owned power plants including Entre Rios, Termoelectrica del Sur and Termoelectrica de Warnes, is a part of the government’s 2025 Patriotic Agenda.
Additionally, Germany signed a €20m loan deal for a rural agriculture program in Bolivia and also contributed €23m for technical assistance and training in wind and solar energy, water management and lithium, reported SeeNews Renewables.
Germany also agreed to cooperate with Bolivia in the fields of justice and mining.
