The Executive approved making an exceptional capital contribution to Petroperu of up to S/ 4,000 million, to ensure the commercialization of hydrocarbons at the national level and maintain the continuity of the operations of the state company.
Through Emergency Decree No. 023-2022, which was published on Tuesday night in an extraordinary edition of the Legal Standards bulletin of the newspaper El Peruano, economic and financial measures were established to prevent fuel shortages at the national level.
According to the norm, this measure will be carried out through the exceptional granting of a capital contribution and a guarantee from the national government to a foreign trade credit line for the acquisition of crude oil, fuels, other hydrocarbon derivatives and biofuels.
It was also indicated that this capital contribution is financed from the freely available balances of Public Treasury resources as of December 31, 2022, for whose immediate attention the General Directorate of the Public Treasury of the Ministry of Economy and Finance is authorized. (MEF) to transfer in favor of Petroperú up to the amount of S/ 4,000 million.
short-term debt
The Government also approved the short-term indebtedness operation, under the modality of granting a guarantee from the national government, for up to US$500 million, in support of Petroperú’s obligations, derived from the foreign trade credit line that contract with the Banco de la Nación to carry out import operations of crude oil, fuels, other derivatives of hydrocarbons and biofuels.
In addition, it agreed on the plan to strengthen Petroperú, so that it can hire an international consultant within a period of 90 days from the effective date of this emergency decree.
“To present a restructuring plan, with the aim of reinforcing the governance and financial and operational sustainability of the company”, reads the document
The decree is endorsed by President Pedro Castillo; the President of the Council of Ministers, Aníbal Torres; the Ministry of Economy and Finance (MEF), Kurt Burneo; and the Minister of Energy and Mines, Alessandra Herrera.
