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LA PAZ, Bolivia (AP) - The president of Spanish-Argentine energy company Repsol YPF's Bolivian subsidiary resigned Tuesday amid an investigation into allegations that it smuggled oil out of the country.
Julio Gavito said he will remain in Bolivia to defend the company from accusations that the Repsol subsidiary Andina SA illegally exported some 230,000 barrels of oil worth more than $9.2 million to Argentina and Chile between 2004 and 2005, according to a company statement.
I have decided to step aside to dedicate part of my time to the defense of the company's work and its collaborators in the certainty that the accusations are absolutely unfounded," Gavito said. "I am convinced that, beyond the difficulties that I have had to endure in this painful and unjust process, the truth will come to light and our innocence will be shown."
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