Adrianzén defends Petroperú’s restructuring: "This Government is taking responsibility"

From his social networks, the President of the Council of Ministers, Gustavo Adrianzenechoed the emergency decree No. 013-2024 that seeks to restructure Petroperu “through new governance.”

This, according to the Prime Minister, was to be able to deal with the difficult situation that the national oil company is going through with respect to the historic multimillion-dollar losses and the voices calling for its extinction.

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“This government is assuming responsibility for (correcting) a situation inherited from previous administrations. To do so, we will begin a restructuring process,” the prime minister announced on ‘X’, formerly Twitter.

Gustavo Adrianzen He summarized the aforementioned emergency decree in three key points: reducing expenses, restructuring the organization, extending the period for operations and capitalizing on financial support.

Regarding spending, the Prime Minister noted that it will be reduced “by 10% during the period September-December 2024 and by 30% in 2025. Proinversion will be responsible for the sale of unnecessary properties.”

Regarding the restructuring, it will be “supervised by an external (private) Chief Transformation Officer – CTO to design and manage the comprehensive transformation process.” In addition, “it will have legal representation.”

Regarding the term, this will have “a debt guarantee until July 31, 2025, for an amount of up to US$ 1,000 million to finance working capital. This amount does not constitute a capital injection.”

And finally, “capitalize the Temporary Financial Support for the debt that Petroperu has with the State for US$ 750 million, granted in May 2022. In addition, the MEF will assume the obligations of a working capital loan of up to US$800 million with the Bank of the Nation“.

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