HOUSTON (PRNewswire) — Bolivian state-owned oil company YPFB has switched to global energy and commodity price reporting agency Argus as the basis for pricing imported supplies of crude and petroleum products.
YPFB is responsible for all of Bolivia’s motor fuel imports, which amount to around 40,000 b/d. Bolivia is highly dependent on imports, which fulfil about two-thirds of local demand.
YPFB will issue tenders to buy crude, diesel, gasoline and naphtha using Argus US Gulf coast prices as the contractual reference. Most oil imports to Bolivia come from the U.S. Gulf coast, so pricing based on this region accurately reflects real supply and demand fundamentals.
Argus Media chairman and chief executive Adrian Binks said: “We are delighted that YPFB has chosen to rely on Argus prices. Over the past decade we have greatly improved Argus’ representation in and coverage of markets in South America, which are growing, dynamic and increasingly important in world terms.”
Source: Argus Media
