LA PAZ, Aug. 28 (Xinhua) -- The Bolivian government planned to update its hydrocarbons law in order to boost investment in the energy sector, Energy Minister Luis Sanchez said on Tuesday.

Speaking at the First International Forum on Gas, Petrochemical and Green Fuels in the central Bolivian city of Santa Cruz, the minister said that it was important to refresh the eight-year-old law.

Modifications to the Hydrocarbon 3058 Law are required to fit the energy sector's modern reality, as the dynamism, price challenges and advances in the industry demand changes, Sanchez said,

According to the minister, since 2007, 100 laws, 194 decrees and 176 regulatory resolutions have been made to invigorate the sector, all of which now need to be incorporated into a single law.

"We came to refresh the sector's laws and realized they are very dispersed, so they need to be concentrated in a new hydrocarbons law," said Sanchez.

The Bolivian economy relies on raw materials, concrete and hydrocarbons,.

"The new regulation will be shaped to increase investment into the whole hydrocarbon chain," said the minister.