Twelve oil companies and Bolivia's government began to sign 44 new contracts Wednesday after a six- month delay due to errors of state Bolivian Oil Fields' (YPFB) ex president Manuel Morales Olivera, demoted from the post, according to information from La Paz.

The first contracts were signed in the face of notary by Spanish-Argentine oil company Repsol YPF president Luis Garcia Sanchez and by the new YPFB president Guillermo Aruquipa.

The contract signing takes place one year and one day after the nationalization of Bolivia's gas and oil reserves, decreed by Bolivia's President Evo Morales.

Representatives of foreign oil companies have been ready to sign oil contracts with Bolivia since 06:00 local time Wednesday in La Paz, among them Brazil's Petrobras, French-Belgium Total Fina Elf, British Gas, and others.

Aruquipa, and the directives of the oil companies later went to the official Presidential headquarters Quemado Palace to participate in a ceremony with Morales.

The contract signing suffered a delay due to a slow parliamentary ratification due to serious errors committed by Evo Morales' subordinates in November.

Source: Xinhua