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Power Research with Public Data

YPFB owes Futura 67 million dollars

No one could locate Futura. The figure had been published since July on YPFB's website, on page 53 of its financial statements: Futura Energy DMCC, Mirjana Sokolović's Dubai company, is the state oil company's fifth-largest foreign fuel creditor, with 67.5 million dollars unpaid at the end of 2025. In the 2024 notes, YPFB named six suppliers and "others". Futura was not among the six.

By — Tecnóloga

The document

In July 2026, YPFB published on its website the notes to its financial statements at December 31, 2025. They run 126 pages, were issued in February 2026 and are signed by its accounting management.

On page 53, note 13.2 describes account 110311: "invoices pending payment to foreign supplier companies such as VITOL, TRAFIGURA, ENEX, COPEC, BOTRADING S.A. and others". Below it is a table with twelve companies and each one's balance.

The fifth row reads: "11031107001 FUTURA ENERGY DMCC 67,502,519.77 USD".

It is the first time an official document of the Bolivian State names Futura Energy DMCC. It names it as a supplier of imported fuel, with 67.5 million dollars in unpaid invoices at the end of 2025. That is 9.6 percent of all YPFB's debt to its foreign fuel suppliers.

The first two parts of this series found a Futura Energy in Dubai whose website says it sells fuel to YPFB "under term agreement", and found that contract on no public list. The contract is not on a list. It is in the accounts.

Note 13.7 of the same document explains how those invoices are paid: "in accordance with the contract signed with the suppliers". YPFB has a signed contract with Futura Energy DMCC and it has its invoices. It never said so.

The full list

YPFB owed 705.7 million dollars to twelve foreign fuel suppliers at the end of 2025. Futura is the fifth. YPFB owes it more than it owes Trafigura Chile, Petropar, Enex or Copec, companies the government and the press have named for years.

On August 25, 2026, Hydrocarbons Minister Marcelo Blanco said the debt to Trafigura and Vitol came to 1.056 billion dollars for 2025 and 2026. He did not mention Futura. No minister, no YPFB president and no senator has ever mentioned it as a supplier.

How much YPFB owes them

Unpaid invoices to foreign fuel suppliers at December 31, 2025. Tap a company for details. Switch the unit above.

  • Balance at December 31, 2025USD 176,923,635.40 · Bs 1,213,696,138.84 · 25.1% of total
    Swiss trading house. Named in 2024 and 2025. Largest creditor. YPFB awarded it contracts in 2023 and it bid again in 2026. Holds YPFB advances of Bs 200.9 million.
  • Balance at December 31, 2025USD 170,816,781.75 · Bs 1,171,803,122.81 · 24.2% of total
    Singapore-based arm of the Trafigura group. Named in 2024 and 2025. Second-largest creditor. It also buys natural gas from YPFB.
  • Balance at December 31, 2025USD 97,396,455.55 · Bs 668,139,685.07 · 13.8% of total
    YPFB subsidiary in Paraguay, used as a purchasing intermediary in 2023 and 2024. Named in 2024 and 2025. Its former president and nine others were formally charged on September 22, 2026.
  • Balance at December 31, 2025USD 73,695,090.16 · Bs 505,548,318.50 · 10.4% of total
    Uruguayan company with an address in the Zonamerica free zone, Montevideo. Not named in 2024. In February 2025, Brújula Digital revealed that YPFB awarded it 135,000 cubic meters of diesel at 133 dollars per cubic meter, a week after awarding Trafigura at 76.8; YPFB sources described it as an intermediary for Russian diesel. Its website says it started in 2020 distributing nutritional supplements and moved into minerals and oil trading in 2022.
  • Balance at December 31, 2025USD 67,502,519.77 · Bs 463,067,285.62 · 9.6% of total
    Dubai company; registered sole owner: Mirjana Sokolović. Not named in 2024. Appears in 2025 with a figure. Fifth-largest creditor. No advances. Did not bid in August 2026. No official has named it in public.
  • Balance at December 31, 2025USD 46,431,127.52 · Bs 318,517,534.79 · 6.6% of total
    Trafigura’s Chilean subsidiary. Delivers through Arica. Named in 2024 ("Trafigura") and 2025. Bid in August 2026.
  • Balance at December 31, 2025USD 24,352,742.60 · Bs 167,059,814.24 · 3.5% of total
    Paraguay’s state oil company. Not named in 2024. It sold diesel to YPFB by tender in 2022 and 2023, at a higher margin than in its home market, according to its then president Eddie Jara. Neither company published its 2025 sales to YPFB.
  • Balance at December 31, 2025USD 17,290,601.19 · Bs 118,613,524.16 · 2.5% of total
    Chilean distributor. Named in 2024 and 2025. Holds YPFB advances of Bs 123.2 million, the same balance two years running.
  • Balance at December 31, 2025USD 11,661,168.88 · Bs 79,995,618.52 · 1.7% of total
    Houston-based trading company registered in the British Virgin Islands, founded in 2011 by Alfredo Vilas. Not named in 2024. In 2024 it brought crude to Arica in a contract alongside Botrading, according to a YPFB record cited by Carlos Valverde. In January 2026 it bid for crude and lost to Trafigura.
  • Balance at December 31, 2025USD 8,710,147.06 · Bs 59,751,608.83 · 1.2% of total
    Peru’s state oil company. Not named in 2024. YPFB awarded it diesel in September 2024 and annulled the award eight days later; the contract went to Botrading at a price 32 percent higher. In July 2025 its chairman, Alejandro Narváez, said: "to Bolivia we send diesel". Its 2025 investor reports do not mention Bolivia.
  • Balance at December 31, 2025USD 7,200,818.52 · Bs 49,397,615.05 · 1.0% of total
    Chilean distributor. Named in 2024 and 2025. Held YPFB advances of Bs 100.9 million in 2024; none in 2025.
  • Balance at December 31, 2025USD 3,715,441.39 · Bs 25,487,927.94 · 0.5% of total
    Named in 2024 and 2025. Smallest creditor on the list. In 2024 YPFB named it and did not name Futura, which it owes eighteen times more.

Source: YPFB, Notes to the Financial Statements at December 31, 2025, note 13.2, account 110311, page 53. Total: USD 705,696,529.79 (Bs 4,841,078,194.37). YPFB converts at the official rate of 6.86. The balance is what remained unpaid at year end; it is not total sales.

Eleven of the twelve left some public trace outside the accounts. Yarbel S.A., a Uruguayan company with an address in a Montevideo free zone, appeared once: in February 2025, Brújula Digital revealed that YPFB awarded it 135,000 cubic meters of diesel at 133 dollars per cubic meter, a week after awarding Trafigura at 76.8. Novum Energy Trading brought crude alongside Botrading in 2024 and lost a crude tender in January 2026. Petropar and Petroperú are the state oil companies of Paraguay and Peru, and YPFB has bought from them by tender. Euronova appears in the 2024 notes.

Futura is the only one of the twelve whose sole trace, outside YPFB's books, is its own website. No award, no tender, no statement by any official.

What the previous year said

sala.red reviewed the notes to the 2024 financial statements, published by YPFB in November 2025. That year there was no table. The same debt sat in a single line of note 13.2: 5.108 billion bolivianos, about 745 million dollars, "pending payment to foreign supplier companies such as VITOL, TRAFIGURA, ENEX, COPEC, BOTRADING S.A., EURONOVA and others".

Six names and an "others". Futura is not among the six. Euronova is, and the following year YPFB owed Euronova eighteen times less than it owed Futura.

The 2025 document explains the change: the balances were "reclassified" out of the sundry creditors account into an account of their own, "for better presentation". That new account, 110311, had a zero balance at the end of 2024. The breakdown by supplier existed inside YPFB; in 2024 it was not published.

The 2024 notes do not allow anyone to say Futura was not selling to YPFB that year. They allow something more precise: YPFB chose six names to describe its creditors and Futura was not one of them. The following year, with the full list, Futura was fifth.

How YPFB described the same debt

Two year ends, two wordings. Tap each one.

Sources: YPFB, Notes to the 2024 Financial Statements (issued February 2025), note 13.2; Notes to the 2025 Financial Statements (issued February 2026), note 13.2 and liabilities table, page 52.

Futura's dates and YPFB's dates

Part one of this series reconstructed when Futura was born from public registries: the Dubai company in September 2022, its LEI code in June 2025, the Serbian company in February 2025, its website in July 2025. Set beside YPFB's two year-end closings, the dates say this.

Two timelines, one line

What Futura's records show and what YPFB's records show. Tap each date.

  • Futura · LEI record, verified by the DMCC

    Futura Energy DMCC is created in the Dubai free zone, number DMCC194684. Controlled by natural persons, with no parent company.

  • YPFB · Year-end closing

    YPFB owes Bs 5.108 billion to foreign fuel suppliers. In the notes, issued in February 2025, it names six: Vitol, Trafigura, Enex, Copec, Botrading and Euronova, "and others". Futura is not among those named.

  • Futura · Serbian business registry

    Futura Energy DOO is incorporated in Novi Sad. Sole owner and director: Mirjana Sokolović. One person on staff.

  • Futura · Panama filing, unconfirmed

    Futura signs a charter party to carry 80-octane gasoline on the vessel Nobel, according to a court filing published on Scribd.

  • Futura · LEI record

    Futura Energy DMCC obtains its LEI code, the identifier banks and counterparties require in international transactions. Almost three years after its creation.

  • Futura · Domain registration

    futuranrg.com is registered, the site where the company says its counterpart in Bolivia is "YPFB under term agreement".

  • Futura · Panama filing, unconfirmed

    A Panamanian maritime court orders the Nobel and its cargo held at the request of Volont Shipping & Trading. Futura claims part of the cargo. The change of government is five weeks away.

  • Bolivia · Change of government

    Rodrigo Paz takes office as president. Luis Arce leaves government.

  • YPFB · Year-end closing

    YPFB owes USD 67,502,519.77 to Futura Energy DMCC. It is the fifth of twelve creditors. Seven weeks after the change of government. The document does not say when deliveries began or how much was paid during the year.

  • YPFB · Notes issued

    YPFB issues the notes to the 2025 financial statements with the table of twelve suppliers. It publishes them on its website in July.

  • Bolivia · The allegation and the tender

    Nadia Beller alleges that a company called Futura pays commissions to Fernando Cerimedo. On August 24, YPFB opens five bids for 2026 supply; Futura is not among them. On the 25th, Minister Blanco speaks about the debt to Vitol and Trafigura; he does not name Futura.

Sources: GLEIF, Serbian business registry (APR), Verisign RDAP, filing published on Scribd, futuranrg.com, YPFB, eju.tv, Agencia de Noticias Fides. Items marked unconfirmed come from a document sala.red has not verified with the court.

Futura Energy DMCC has existed since 2022, but almost everything that makes it visible dates from 2025: its Serbian company, its LEI code, its website, its lawsuit in Panama and its appearance in YPFB's books.

The 67.5 million balance is dated under the Paz government. The invoices behind it may be older. A company that builds up that debt in a year delivered fuel for months. Which months, YPFB knows.

What this changes

Part two of this series ended with a yes-or-no question for YPFB: does Futura Energy DMCC sell fuel to Bolivia? The answer had been written since February on page 53 of its own financial statements. Yes.

What Futura's website claims, YPFB confirms in its accounts. What no official said in public, YPFB published in a 126-page PDF.

None of this proves that Futura Energy DMCC is the Futura in Nadia Beller's allegations.

Beller spoke of commissions. The financial statements speak of invoices. They are different things. What the financial statements prove is that a Dubai company, with a single registered shareholder, sold fuel to the Bolivian State for tens of millions of dollars without the State ever naming it.

The questions for YPFB are now concrete. When the contract with Futura Energy DMCC was signed and under what procedure: tender, direct invitation or emergency contracting. What volumes and at what price. Through which port the fuel entered and with what certificates of origin. How much was paid in 2025 on top of what remained outstanding.

And one question about the 2024 document: the breakdown by supplier of sub-account 110312-05001 at December 31, 2024, the one YPFB "reclassified". If Futura is in it, it was selling to the Arce government. If it is not, it came in during 2025.

One line on page 53

The Senate is investigating a company called Futura that no one could locate. The prosecutor who was investigating the money around Cerimedo is in custody. An Extraordinary State Intervention Commission is working with YPFB and presented its first report in September.

The Senate commission has the mandate to request those documents.

Sources

This article does not claim that FUTURA ENERGY DMCC is the company mentioned in the allegations by Nadia Beller or Senator Branko Marinković, that it paid commissions to anyone, or that its contract with YPFB is irregular. Selling fuel to YPFB is not a crime. The company is not accused of anything. Nor is Mirjana Sokolović; she is named because Serbia's business registry lists her as sole owner of Futura Energy DOO and because a court filing, taken from a copy on Scribd not confirmed with the court, identifies her as sole shareholder of the Dubai company. Yarbel S.A., Novum Energy Trading Corp, Euronova Energies S.A., Petropar and Petroperú are named because they appear in YPFB's table; they are not accused of anything. The January 2025 award to Yarbel is reported as published by Brújula Digital, citing unnamed YPFB sources; the figure of 133 dollars per cubic meter is that outlet's. The figure of 67.5 million dollars is the balance outstanding at December 31, 2025 according to YPFB; it is not the total sold or the total paid. That the 2024 notes do not name Futura does not prove it was not a supplier that year: the list ends in "and others". This article does not state under which government the contract was signed or when deliveries began. sala.red sent questions to YPFB and to Futura Energy DMCC before publishing; their answers will be added to this article when they arrive.

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YPFB owes Futura 67 million dollars