Bolivia Sacks YPFB President

Bolivia’s president, Evo Morales, has finally sacked the head of state-owned oil company YPFB, Jorge Alvarado, following growing pressure to remove him from his post after allegations of fraud. However, Morales insisted that charges of corruption against Alvarado would prove unfounded. Alvarado has been replaced by Juan Carlos Ortiz, the company’s vice-president for administration and corporate governance. Morales also replaced the superintendent of oil and gas, Victor Hugo Sainz, who brought the charges against Alvarado, and appointed lawyer Santiago Berrios in his stead. Bolivia’s hydrocarbons nationalization program, announced with much fanfare on May 1, has been beset by problems as cash-strapped YPFB struggles to cope with its new role in charge of the country’s oil production. So far it has failed to finalize negotiations with foreign oil companies regarding the nationalization of assets, despite an initial deadline of six months.