Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) is the state-owned petrol company of Bolivia.
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 owned 50 percent by direct private investors and 50 percent by all the citizens of Bolivia over the age of 21 and resident in Bolivia. This was also the case with the capitalizations of the other four principal state-owned companies. YPFB remained at that time as a state-owned service company for the hydrocarbon sector.
Since the election of president Evo Morales, the capitalized oil companies have been nationalized. Full ownership of the companies was 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 was returned to each company.
From 1936 to January 2009, YPFB had five CEOs, all appointed by President Morales. Four were removed because of allegations of corruption or incompetence. Only one resigned, and he alleged a campaign was being waged against him within the company, and that the government had a lack of understanding of his vision of the company.
- Official site [in Spanish]
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