YPFB
Encyclopedia
Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) is the state-owned petrol company of Bolivia
.
, 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, all appointed by President Morales. Four were removed because of allegations of corruption or incompetence. 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.
Bolivia
Bolivia officially known as Plurinational State of Bolivia , is a landlocked country in central South America. It is the poorest country in South America...
.
History
YPFB was created in 1936 as a state-owned and run petrol company. During the first presidency of Gonzalo Sánchez de LozadaGonzalo Sánchez de Lozada
Gonzalo Sánchez de Lozada y Sánchez de Bustamante , familiarly known as "Goni", is a Bolivian politician, businessman, and former President of Bolivia. A lifelong member of the Movimiento Nacionalista Revolucionario , he is credited for using "shock therapy", the economic theory championed by then...
, capitalized oil companies were formed from YPFB properties under the capitalization (privatization
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
) 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
Evo Morales
Juan Evo Morales Ayma , popularly known as Evo , is a Bolivian politician and activist, currently serving as the 80th President of Bolivia, a position that he has held since 2006. He is also the leader of both the Movement for Socialism party and the cocalero trade union...
, 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, all appointed by President Morales. Four were removed because of allegations of corruption or incompetence. 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.