YPFB also requires congressional approval for the disbursement of funds needed to carry out a work plan.
YPFB will begin negotiations with PDVSA in coming days to establish a joint company to operate in Bolivia. YPFB would have the majority stake in the partnership.
The joint firm would not necessarily be dubbed Petroandina as the government has previously announced.
YPFB also is interested in developing a similar relationship with Russian gas major Gazprom, Villegas said.
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