Alejandro Narváez left Petroperu two weeks without solving the oil company crisis. Thus, as of September of this year, the state company’s losses amounted to US$355 million (around S/1.2 billion).
The company’s justification for this result is the operational restrictions derived from port closures due to abnormal waves, which had an impact on the operation of the Talara Refinery and they did not allow the normal supply of crude oil to the refinery and the normal supply of its production to terminals and plants.
In addition, they pointed out that the downward trend in international prices for crude oil and derivative products also had a negative impact, which impacted the realization of inventories.
“The marketing of crude oil in the months of January and February, due to operational restrictions in the crude oil reception system of the Talara Refinery, derived from the environmental event at the Submarine Terminal and port closures due to anomalous waves” was also classified as an unfavorable event.
RISK
Fitch Ratings warned that Petroperú’s persistent governance and profitability issues have required cash transfers and collateral from the government and represent an ongoing risk going forward.
“However, Petroperú’s debt, which represents 1.2% of the Gross Domestic Product, constitutes a relatively small contingent liability for the State,” he said.
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