The Shareholders’ Meeting Petroperu decided to remove Alejandro Narváez from the presidency and appoint Fidel Moreno Rodríguez to the position, who until recently served as vice president of the public oil company.
It should be noted that the company’s shareholders include the Minister of Energy and Mines, today Luis Enrique Bravo De La Cruz, and the Minister of Economy and Finance, Denisse Miralles.
Narváez assumed the presidency of the board of directors of Petroperú in November 2024 and his return to the oil company – where he was also the head between 2003 and 2005 – was questioned, among other things, due to his affiliation with Together for Peru, and his closeness to Dina Boluarte’s entourage.
In addition, he was criticized for minimizing the crisis of the state company and for ensuring that the oil company would close 2024 in the blue, which did not happen. What’s more, in the first half of 2025 the company reported net losses of US$278 million.
The now former head of Petroperú also compared himself to the president of the Central Reserve Bank (BCR), Julio Velarde, despite what the presence of the latter in the monetary entity has meant for economic growth.
Narváez even went further and blamed the BCR for maintaining the reference rate, at that time, at 4.5%, which, he said, directly affected the company. “Normally, banks take this rate (that of the BCR) as a reference. The level of 4.5% has been maintained since May and has not decreased. That is why when you go to borrow from the bank, depending on your profile, they tell you 15% or 20%. It will depend on your credit profile, your financial profile and also depending a little on your face,” he said at that time.
On the other hand, the Petroperú Shareholders’ Meeting also authorized Gustavo Galván Pareja to sign public and private documents to formalize the previous agreements.
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