April 11, 2008

Bolivia to Control Its Oil by May

Bolivian State Oil Fields (YPFB) may recover control of four transnational oil companies in Bolivia by May 1, a strategy prioritized by the Evo Morales government.

According to sources from the Hydrocarbon ministry, the decision was adopted in a cabinet meeting and could go into effect by the beginning of next month, two years after nationalization of hydrocarbons.

The measure includes emphasis on industrialization and covers a restructuring of the YPFB, former president of the MAS party, Santos Ramirez, told Prensa Latina.

Last March, Ramirez explained that the Executive set a time period until April 30 to recover state control of the four transnational oil companies that include, Andina, a Spanish-Argentine branch of Repsol YPF.

Other companies scheduled for nationalization are Chaco of British Petroleum, Transredes of the British Ashmore and a company of storage and transportation CLHB of Peruvian and German capital.

According to YPFB reports, control of the companies comes after the nationalization decreed on May 1, 2006.

That law stipulated that transnationals operating in Bolivia are under shared risk in offering services to YPFB.

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