Petroperú lost US$745 million as of September

From January to September 2024, Petroperu recorded a net loss of more than US$745 million, which exceeds the loss reported in the same period of 2023, according to the financial statements published on the company’s website. Superintendence of the Stock Market (SMV) corresponding to the third quarter of this year.

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This result is mainly due to an increase in operating expenses of US$300 million, generated largely by the stabilization process of the Talara Refinery. Furthermore, the fall in international prices for crude oil and its derivatives has affected the valuation of inventories, intensifying losses.

“With the start-up of the Flexicoking (FCK) unit at the Talara Refinery, after its shutdown for inspection and repair work, the company is gradually increasing its production and sales volume, and anticipates an improvement in its results towards the end of 2024”, informs the report.

Likewise, it is mentioned that the company is currently managing financing operations to meet its obligations with suppliers in the next twelve months.

Production costs would also be optimized through temporary license contracts for oil lots I, VI, Z-69 and , and Lot 192, in which pre-operational activities are being carried out.

AND THE BOARD?

The financial statements also indicate that the implementation of a restructuring plan to strengthen the governance and financial sustainability of the company continues. However, the question arises as to whether this restructuring will be viable without the appointment of a new board of directors.

It should be remembered that on September 10, the board led by Oliver Stark resigned and, since then, his successors have not been named. Approximately a month ago, Prime Minister Gustavo Adrianzén apologized for not having yet found the right profiles for the oil company.

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In this regard, the former president of PetroperuAugusto Baertl, told this newspaper that the company will continue operating as long as the State, as a shareholder, continues to provide resources.

“It was a serious mistake to grant the last rescue plan to a company without a functioning board of directors. It’s like giving a real gun to a child. It is an outrage and a sign of total inability,” Baertl stressed.

As this newspaper has learned, so far there is no concrete proposal that goes beyond Alejandro Narváez, who has the support of President Dina Boluarte.

For Baertl, the possible appointment of Narváez, known for his left-wing stance and his minimization of the current Petroperú crisis, “is not the most appropriate due to his background.” Furthermore, he added: “I agree with those who think that he should not assume that position.”