Repsol YPF Bolivia Head Resigns

The head of Repsol YPF in Bolivia, Julio Gavito, has resigned his position to dedicate time to defending himself against allegations of improper conduct. The Bolivian authorities in Santa Cruz, the province in which Andina – the Bolivian unit of Repsol YPF – is based, have accused the company of effectively smuggling $9.2 billion worth of crude oil out of Bolivia last year. Gavito’s replacement as country manager has been named as Luis García Sánchez, current manager of GLP Andina in Lima, Peru. The Spanish government has said it has concerns about how Bolivia has handled the investigation into Andina, adding that it is a “bad sign” for foreign investors.