Bolivia's YPFB Under Fire as Smuggling Probes and Reforms Fuel Reopening Plans

Bolivian police have conducted raids on state-owned natural gas company YPFB, uncovering multimillion-dollar corruption schemes involving subsidized fuel smuggling and irregular contracts. New President Rodrigo Paz is seeking to clean house and open up the company to foreign investment to reverse declining output and shift fuel imports and distribution to the private sector. YPFB has estimated economic losses from diverted subsidized fuel at around $1 billion a year.