Bolivia To Restructure Energy Sector

Newly appointed Bolivian hydrocarbons minister, Andres Soliz Rada, has said that he will be overseeing the restructuring of the country’s energy sector. Bolivia has Latin America’s second largest natural gas reserves but wants to see these reserves registered as national property and not belonging to the foreign companies that exploit them. Currently, the largest part of the reserves is listed in New York. The country’s new government has pledged to reverse the situation and will be renegotiating all energy contracts with foreign companies as well as strengthening the state oil company YPFB. It has reassured foreign companies that it will not be nationalizing industrial assets but rather reclaiming its own natural resources.