The National Society of Mining, Petroleum and Energy (SNMPE) expressed its concern that the Government has not given clear signals of seek a serious and technical restructuring of Petroperu, unrelated to political interests that would allow the state oil company to emerge from the serious financial crisis it has been facing for several years and not require more financial resources from the Peruvian State in the short term.
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The mining and energy union warned that Emergency Decree 013 – 2024, published last Saturday, grants Petroperú a new financial bailout for more than US$2,692 million, including capitalization, guarantees, debt forgiveness and other concepts, without clearly and precisely establishing the deadlines and goals of the restructuring to which it must be subjected, as well as the measures that guarantee good corporate governance.
This amount is added to the S/20,000 million – that according to estimates by the Peruvian Institute of Economics (IPE) – the Peruvian State had contributed to Petroperú since 2013, commented the SNMPE.
“It is important that Petroperú has a technical and independent board, free from political interference and conflicts of interest, that really works so that the state oil company emerges from the crisis, becomes a viable company and does not continue to receive funds from the Treasury. Today, a commitment is being made to restructure the company by providing significant resources that, without the independence required, are unlikely to be achieved,” he added.
In this context, he stated that although DU 013 refers to a restructuring plan and announces a 10% reduction in expenses by 2024 and 30% by 2025, no clear goals or deadlines are mentioned.
Uncontrolled
The union also indicated that the analysis that must be carried out on the oil company’s business units does not include the execution of audits to establish not only responsibilities but also the lessons learned that the state-owned company cannot go through again in order to achieve its real restructuring. In turn, it added, there is no reference to whether Petroperú should return to FONAFE to have better governance.
Similarly, the mining and energy union expressed its surprise that the Ministry of Energy and Mines is being tasked with analyzing the actions to be implemented in the North Peruvian Oil Pipeline from its budget when the administration of said infrastructure corresponds to the state company.
Finally, the SNMPE pointed out that the Peruvian hydrocarbon industry remains immersed in a serious crisis that must be reversed with clear signs of public policies that allow the participation of private investment, which is necessary today to enhance the value of Peru’s energy resources.
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“We trust that the current government will continue to promote private investment and not fall into the temptation of opting for nationalist policies that have already failed in the country and other Latin American nations,” he said.
