Paz Government Places State Oil Company YPFB Under Intervention

President Paz signed Supreme Decree 5697 placing state oil company YPFB under "extraordinary, transparent and temporary" state intervention for up to 180 days (extendable once by 90), forming a commission of the ministers of Economy and Public Finance, Sustainable Production/Environment/Water, Hydrocarbons and Energy, and Public Works to audit the fuel import and distribution chain. The government said the goal was to recover YPFB's operational efficiency and trace smuggling, diversion and stockpiling networks blamed for chronic diesel and gasoline shortages; Bolivia imports roughly 60% of its gasoline and 95% of its diesel, spending an estimated $90 million a week. The decree states it does not dissolve YPFB or alter its legal status.