Bolivia’s Morales replaces head of state oil firm

President Evo Morales replaced the head of Bolivia’s state oil company YPFB on Monday and gave foreign energy companies a September 1 deadline to pay new taxes outlined in the country’s nationalisation.

As part of the nationalisation, Bolivia hiked taxes from 18 percent to up to as much as 82 percent on some companies and ordered YPFB to hold a majority stake in several foreign-owned refineries.

The tax hike will impact multinational companies including Petrobras, Spain’s Repsol YPF, France’s Total and British gas and oil producer BG Group.
Scotsman