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Bolivia's President intends to fight for the eradication of corruption in the hydrocarbon sector.
President of Bolivia Luis Arce plans to put an end to corruption, stating so during a ceremony celebrating the 84th anniversary of the foundation of the Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) state company.
Along this line, he also emphasized the need for domestic and ecological production of biodiesel to move Bolivia forward. He said that the nationalization of oil companies was jeopardized by the neoliberal policies of Jeanine Añez, the political indiscipline of some executives and workers, and by corruption.
Este año ha sido complicado política y sanitariamente. El sector de hidrocarburos ha estado muy golpeado no sólo por los precios, sino que ha sufrido la mala gestión en los once meses del gobierno de facto con malos contratos causando un daño económico evidente a nuestra estatal.
"This year has been politically and healthwise complicated. The hydrocarbon sector has been hit hard not only by prices, but it has also suffered from mismanagement in the eleven months of the de facto government with bad contracts causing evident economic damage to our state-owned company."
Bolivia's oil and gas industry was nationalized in 2006, during the first year in which Evo Morales and the Movement Towards Socialism (MAS) were in power. Since then, YPFB has become the largest state-owned company in the country and the main generator of taxes and foreign exchange for natural gas exports to Argentina and Brazil.
The plan to nationalize the energy industry and put an end to corruption is central to Arce's national policies and was highlighted during his election campaign. It is through such stratetic nationalization that the administration plans to continue to redistribute the resulting income to public programs for the benefit of disadvantaged social sectors.