YPFB
Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) is the state-owned petrol company of Bolivia.
History
YPFB was created in 1936 as a state-owned and run petrol company. During the first presidency of Gonzalo Sánchez de Lozada, capitalized oil companies were formed from YPFB properties under the capitalization (privatization) reform. The companies were 50% owned by direct private investors and 50% by all the citizens of Bolivia over the age of 21 and resident in Bolivia, as was the case with the capitalizations of the other four principal state-owned companies. YPFB remained as a state-owned service company for the hydrocarbon sector. Since the election of president Evo Morales, the capitalized oil companies have been nationalized, that is, full ownership of the companies has been returned to the state, and full control over development, extraction, and commercialization for the domestic and export markets of Bolivia's petroleum and natural gas have been returned to YPFB. Up until January 2009, YPFB had seen five CEOs,[1] all appointed by President Morales.[1] Four were removed because of allegations of corruption or incompetence.[1] Only one resigned, alleging a campaign against him within the company and a lack of understanding in the government for his vision of the company.[1]
References
External links
- Official site [in Spanish]
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