Bolivia Suspends 14 Contracts Signed with Foreign Oil Firms

The Bolivian government suspended 14 oil contracts signed between state-run oil company YPFB and foreign oil firms, saying that the foreign sides violated state rules of presentation and legalization for their businesses, according to news reaching here on Wednesday.

Ruth Villarroel, government notary in the La Paz prefecture, told Bolivian media that “their presentation did not meet our norms, but the state oil company has
already coordinated with us to clear up these errors.”



Out of 44 contracts registered in October 2006, 30 have been processed in accordance with agreed protocols and proven to meet all the formal requirements, while 14 others have failed and would be suspended, she said.

However, no contracted oil projects could formally start operation before being finalized by Manuel Morales, the new president of the YPFB, who was appointed on Monday and designated to sign the formal agreements.

Xinhua News Agency