YPFB at a Breaking Point | YPFB al borde del colapso

By Cadena A, Eju.tv:

Former Minister Ríos Urges Changes in YPFB and Warns It Is a “Time Bomb”

Former Hydrocarbons Minister Álvaro Ríos stated that YPFB can no longer continue under its current model and said it must be transformed into a competitive company.

Former Hydrocarbons Minister Álvaro Ríos warned that Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) is going through a deep crisis, to the point that it can be considered a “time bomb.” In that context, he asserted that a “major surgery” is urgently needed.

The former authority suggested that President Rodrigo Paz take measures to reverse the complex situation.

“YPFB is a time bomb. I believe the (YPFB) president has had enough time to carry out the proper diagnosis; this company needs major surgery,” he said in an interview with Noches Sin Tregua on Cadena A.

On March 30, the government appointed Claudia Cronenbold as the new president of YPFB, replacing Yussef Akly, who left the position following criticism over off-spec gasoline and transport sector protests.

Una planta de la estatal YPFB. / Foto YPFB
A plant of the state-owned YPFB. / Photo YPFB

The new authority took office with the mission of addressing the crisis in the fuel supply chain.

“We cannot continue as a country that still has gasoline out of specification, a company that has the responsibility to supply the country and has no money, a company that has excess staff and is running losses,” Ríos warned.

Along those lines, he considered that President Paz must take measures to determine “where he wants to take YPFB,” including whether there is a law governing the sector.

“With or without a law, if YPFB does not function and they keep trying to revive it, they are not going to revive it; that company is very deteriorated,” he said.

The hydrocarbons expert maintained that YPFB can no longer continue under its current model and said it must be transformed into a competitive company.

He warned that, without a new law that encourages investment and changes to the Constitution to guarantee legal certainty, Bolivia risks becoming fully dependent on energy imports in the short term.

by Antonio Villegas

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