YPFB President Alvarado Resigns, New Chief Steps In

Juan Carlos Ortiz has moved up as president of Bolivia's state oil company YPFB, replacing Jorge Alvarado who tendered his resignation Tuesday, Bolivia's hydrocarbons ministry said in a statement.

Alvarado resigned in order to "avoid continued damage to the great ideal of change in the country," the statement reported him as saying in his resignation letter.

The so-called "damage" referred to accusations that Alvarado signed a deal with oil trading firm Iberoamerica Trading on behalf of YPFB to swap 2,000 barrels of Bolivian crude for diesel from Brazilian refiner Univen Petroquimica at below market value, allegedly costing Bolivia US$3.8mn.

Ortiz was YPFB's VP of contract administration and supervision prior to his new post.

Before coming to YPFB, Ortiz worked for Bolivia's hydrocarbons regulator Superintendencia de Hidrocarburos, inspection and surveying company Baltic Control Ecuador and the Bolivian subsidiary of Brazil's federal energy firm Petrobras (NYSE: PBR), among other companies, according to Ortiz's resume that was obtained by BNamericas.

Ortiz holds a degree in economics from Argentina's Universidad del Salvador and a MBA from Universidad Catolica Boliviana in Santa Cruz.


Meanwhile, Guillermo Aruquipa took office as the new deputy minister of E&P and Santiago Berrios became the new superintendent of hydrocarbons, the statement said.

The decision to replace the former officials came from Bolivia's President Evo Morales in order to advance the country's nationalization process, a presidential spokesperson told BNamericas.

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