Morales Appoints New YPFB President

Bolivia's President Evo Morales has appointed Jorge Alvarado as the new president of state oil company YPFB, government news service ABI reported.

Alvarado is an engineer with a doctorate in oil geology. He has worked as a geology engineer for YPFB, as a professor in Venezuelan and Bolivian universities and an oil geology consultant in Venezuela, the statement said.

Alvarado promised to make YPFB a "real company" within two years and that corruption would be nonexistent.

By naming Jorge Alvarado as president, YPFB will "raise itself from the ashes to found a company similar to [Brazil's state oil company] Petrobras or [Venezuela's state oil company] PDVSA", new hydrocarbons minister Andres Soliz Rada said in the statement.

Alvarado did not specify what specific actions he would undertake but did mention "restructuring," which would first include reshuffling the company board, local paper Los Tiempos reported.

Venezuelan representatives will advise on the restructuring process as stipulated by an energy cooperation agreement signed this week between Morales and Venezuela's President Hugo Chavez.

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