Published The Counter .
Oil Ministry acknowledged that "the full force of the participation" of YPFB in the entire production chain "is temporarily suspended due to lack of financial resources of the state enterprise."
Bolivia's government has admitted that the state oil company YPFB lacks sufficient financial resources to exercise full control of the oil business in the country and thus comply with the nationalization issued last May.
The Oil Ministry said in a bulletin that "the full force of the involvement of" Fiscal Oilfields Bolivianos (YPFB) throughout the production chain "is temporarily suspended due to lack of financial resources of the state enterprise."
"To overcome this limitation with the Central Bank manages the disbursement of 180 million dollars, which YPFB will operate throughout the production chain," the statement said.
One of the tasks assigned to YPFB for the nationalization decree and that the firm is still unable to assume management of the country's revenues from the sale of hydrocarbons.
This attribution had been fixed by two ministerial decisions issued on 28 July last and placed on hold by another issued four days later, according to documents to which today agreed Efe and had not yet been disclosed.
funds from the sale of fuel should be transferred by the oil companies who trade oil on account of YPFB in the Central Bank, instead of going to the General Treasury of the Nation.
With these resources, YFPB should distribute royalties to the regions and the Direct Tax on Hydrocarbons, give companies the percentage in the business and keep its share, which is 32 percent.
Among the foreign companies that trade fuels in Bolivia are the English-Argentina Repsol YPF, Brazil's Petrobras, TotalFinaElf of France and British subsidiaries of British Gas and British Petroleum.
Hydrocarbons portfolio also said that together with YPFB is finalizing a bill to reorganize the state enterprise "so that it can implement the provisions of the nationalization decree, signed on 1 May.
In its statement, the Ministry confirmed that negotiations are continuing to sign contracts with multinational companies wishing to operate in the context of nationalization.
He added that continuing audits of gas fields to determine the final share of firms in contracts.
Oil Ministry acknowledged that "the full force of the participation" of YPFB in the entire production chain "is temporarily suspended due to lack of financial resources of the state enterprise."
Bolivia's government has admitted that the state oil company YPFB lacks sufficient financial resources to exercise full control of the oil business in the country and thus comply with the nationalization issued last May.
The Oil Ministry said in a bulletin that "the full force of the involvement of" Fiscal Oilfields Bolivianos (YPFB) throughout the production chain "is temporarily suspended due to lack of financial resources of the state enterprise."
"To overcome this limitation with the Central Bank manages the disbursement of 180 million dollars, which YPFB will operate throughout the production chain," the statement said.
One of the tasks assigned to YPFB for the nationalization decree and that the firm is still unable to assume management of the country's revenues from the sale of hydrocarbons.
This attribution had been fixed by two ministerial decisions issued on 28 July last and placed on hold by another issued four days later, according to documents to which today agreed Efe and had not yet been disclosed.
funds from the sale of fuel should be transferred by the oil companies who trade oil on account of YPFB in the Central Bank, instead of going to the General Treasury of the Nation.
With these resources, YFPB should distribute royalties to the regions and the Direct Tax on Hydrocarbons, give companies the percentage in the business and keep its share, which is 32 percent.
Among the foreign companies that trade fuels in Bolivia are the English-Argentina Repsol YPF, Brazil's Petrobras, TotalFinaElf of France and British subsidiaries of British Gas and British Petroleum.
Hydrocarbons portfolio also said that together with YPFB is finalizing a bill to reorganize the state enterprise "so that it can implement the provisions of the nationalization decree, signed on 1 May.
In its statement, the Ministry confirmed that negotiations are continuing to sign contracts with multinational companies wishing to operate in the context of nationalization.
He added that continuing audits of gas fields to determine the final share of firms in contracts.
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