YPFB


Yacimientos Petrolíferos Fiscales Bolivianos is a Bolivian state-owned enterprise dedicated to the exploration, exploitation, refining, industrialization, distribution and commercialization of oil, natural gas and derived products. It was created on December 21, 1936 under a government decree during the presidency of David Toro. YPFB is one of the biggest corporations in Bolivia.

History

YPFB was created in 1936 as a state-owned and run petrol company. During the first presidency of Gonzalo Sánchez de Lozada, capitalized oil companies were formed from YPFB properties under the capitalization reform. The companies were owned 80 percent by direct private investors and 20 percent by all the citizens of Bolivia over the age of 21 and resident in Bolivia. This was also the case with the capitalizations of the other four principal state-owned companies. YPFB remained at that time as a state-owned service company for the hydrocarbon sector.
Since the election of president Evo Morales, the capitalized oil companies have been nationalized. Full ownership of the companies was returned to the state, and full control over development, extraction, and commercialization for the domestic and export markets of Bolivia's petroleum and natural gas was returned to each company.