The Minister of Energy and Mines, Rómulo Mucho, stated that the Plenary of the Council of Ministers approved a “measure of financial viability for Petroperu“.
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Mucho explained that this decision is due to the fact that Petroperú, as a state-owned company, has played a crucial role in the supply of fuel in the most remote areas of the country’s jungle, helping to control the increase in prices of these resources.
“In its 50 years of existence, Petroperú has generated extraordinary profits for the country,” said Mucho after leaving the Council of Ministers.
Operability
The minister said that the state oil company must continue to operate, for which it is necessary to implement measures that allow it to meet its commitments to suppliers and creditors of the financial system.
Although he did not specify the amount or terms of the financing that will be granted to Petroperú to guarantee its financial viability, he said that “there must be a commitment, as well as austerity measures.”
“As a company with more than 50 years of existence, it has old assets. We estimate that, within a year, this company will no longer require support. Once it achieves financial stability, it will no longer have a negative cash flow,” he concluded.
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