YPFB CEO sacked over Drillmec contract

Bolivia

LA PAZ, June 16, 2017 – Guillermo Acha, the president and CEO of Bolivian NOC YPFB, was fired on Thursday over the purchase of drilling equipment worth USD 149 million from Italy’s Drillmac, which was cancelled in April.

Bolivian President Evo Morales announced Oscar Javier Barriga as the replacement of 35-year-old Acha, who has denied involvement in the bidding process. Drillmec had been awarded to contract in February.

“We’ve seen that the procedures were bad, and the prosecutors will complete the corresponding process,” Morales said, cited by Reuters.

“The contract has been annulled, so there is no economic loss due to the drill purchases.”

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