Law 380

Original Language Title: Ley 380

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now

Read the untranslated law here:

Law No. 380 law of 17 May of 2013 EVO MORALES AYMA President constitutional of the PLURINATIONAL State of BOLIVIA, by how much, the plurinational Legislative Assembly, has sanctioned the following law: the Assembly Legislative PLURINATIONAL, D E C R E T A: article 1. (APPROVAL OF THE CONTRACT FOR SERVICES OIL). Of conformity with it established by the article 362, paragraph II, of the Constitution political of the State and the authorization prepared by the law N ° 245 of 1 of June of 2012, is approves the contract of services oil for the exploration and exploitation of AREAS reserved, in FAVOR of YPFB, corresponding to the AREA SANANDITA, located in the Department of Tarija signed on October 1, 2012 date, between Yacimientos Petrolíferos Fiscales Bolivianos - YPFB and the company EASTERN PETROLEUM & GAS S.A.
Article 2. (DECLARATION OF COMMERCIALITY). Once the company EASTERN PETROLEUM & GAS S.A., owner of the exploration period, perform one or more commercial discoveries, and it is approved by YPFB in accordance with the law on hydrocarbons and regulations, the holder of the exploration period will yield all rights pertaining to the area of operation, in favor of a mixed economy company - S.A.M. to be constituted between YPFB and the company EASTERN PETROLEUM & GAS S.A., in accordance with the model of contract of assignment set out in annex? G? oil service contract referred to in article 1 of this law.
Article 3. (SOCIETY OF MIXED ECONOMY). The society of economy mixed-S.A.M., to be formed between YPFB and the company EASTERN PETROLEUM & GAS S.A., is governed entirely by the code of trade, law General of work and others policy that them replace according to the ordering legal existing in the State plurinational of Bolivia, must such society hold is to it application and forecasts established in the article 5 of the law N ° 1178 of 20 of July of 1990 Law of administration and governmental Control, having the obligation to inform the competent public authorities on the target and result of the management of the resources contributed by the State, as well as the presentation of its financial statements duly audited.
I approves the contribution of State participation in the S.A.M. to be between YPFB and the EASTERN PETROLEUM & GAS S.A., same company that reaches to Bs.4.200.000, 00 (four million two hundred thousand 00/100 BOLIVIAN), the amount subscribed and paid in the framework of the article 430 of the code of Commerce, being that this contribution comes only from the own resources of YPFB.
II. Once approved the Declaration of commerciality in the area Sanandita, YPFB is authorized to make the disbursement of the amount subscribed and paid, corresponding to the State participation.
Refer to the Executive Body for constitutional purposes.
Two thousand thirteen is given in the room of sessions the Assembly Legislative plurinational, thirteen days of the month of may of the year.
FDO. Lilly Gabriela MONTAÑO Viana, Betty Asunta Tejada Soruco, Andres Agustin Villca Daza, Marcelina Chavez Salazar, Marcelo Elio Chavez, Carlos E. Subirana G.
I therefore enacted it is and meets as a law of the plurinational State of Bolivia.
Palace of Government of the city of La Paz, the seventeenth day of the month of may of the year two thousand thirteen.
FDO. EVO MORALES AYMA, Juan Ramón Quintana Taborga, Ana Teresa Morales Olivera, Luis Alberto Arce Catacora, Mario Virreira Iporre Minister of mining and metallurgy and acting of hydrocarbons and energy, Daniel Santalla Torrez, Amanda Davila Torres.