In his last message to the nation, the president Dina Boluarte praised a Petroperúdespite the losses recorded by the company. The director of the Peruvian Institute of Economics (IPE), Diego Macerahe considered that it is “urgent to sell everything he can of his shareholders.”
The president has indicated that Petroperú has a promising horizon, but from the company she has reported that she will close this year in red.
The tragic thing is that there is no good exit for Petroperú and its refinery. That boat sailed about 10 years ago. Now, let’s do what we do, a lot of money will cost us. What we should try is to cost as little as possible.
How do we achieve that?
It is urgent to sell everything that can be of your shareholders, although it is not easy to sell a broken company. To achieve this there are several steps. It would help, for example, have a law that facilitates the sale, blind the board of the political hand, and gives the shareholder a good level of control even if it were a minority. It would help to privat or concession as soon as possible everything that can be management. And we would have to look for potential buyers that may see beyond the only financial aspect, but have some strategic interest. One possibility would be the Saudis.
The executive talk about a restructuring, would that imply give it more money?
What the administration has raised is quite dangerous. It is basically said that Petroperú’s debt would become backed by all Peruvians. It is like having an alcoholic child and, instead of helping him straightened, we now say that if he does not pay his party, we will pay her for him. Thus surely straightens …
That is, we are going to pay all Peruvians …
If the company stops paying, yes, we all pay. Last year we had already given him several million.
Could we talk today about a promising future?
I don’t see where. Last year Petroperú lost US $ 1,500 per minute. Actually, the best thing to expect is to lose less, but that depends on its operations – in special flexicoking unit – walk well. But their debts are overwhelming, monstrous. To say that your future is promising seems excessive.
Changing the subject, what signs does the private need in this last year of management?
Of this government you no longer need to see much more. Bad that good, we all intuit what the following months will be. It is still interesting that business economic expectations have been rising despite all the limitations of this administration. That suggests that the country needed just a predictability dose to put several skeptical engines underway.
Is there a stable business climate?
The general rules are clear, happily. No one is going to control prices, depreciate currency, nationalize industries, or anything like that. The Constitution exists for something. But there are several sectors that could legitimately question the predictability of their business environment. The winery to which they extort does not have a stable business climate. The formal miner with terrain invaded by illegal either. The justice system works badly, and that is an indispensable part of stability and predictability.
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