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Bolivia reshuffle oil industry executives



Petroleumworld
LA PAZ
Petroleumworld.com 08 31 06

Bolivia’s president, Evo Morales, has finally dismiss the head of state-owned oil company YPFB, Jorge Alvarado, after allegations of fraud. However, Morales insisted that charges of corruption against Alvarado would prove unfounded. Alvarado has been replaced by Juan Carlos Ortiz, the company’s vice-president for administration.

Morales also replaced the superintendent of oil and gas, Victor Hugo Sainz, who brought the charges against Alvarado, and appointed lawyer Santiago Berrios in his stead.

Bolivia’s hydrocarbons nationalization program, has been delay by problems as cash-strapped YPFB struggles to cope with its new role in charge of the country’s oil production. So far it has failed to finalize negotiations with foreign oil companies regarding the nationalization of assets, despite an initial deadline of six months.

Petroleumworld 30 08 06

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