“A promising horizon for the company is avizo (Petroperú), ”He said Dina Boluarte In its broad presidential message for Patrias Fiestas. The president, who dedicated five paragraphs to the public oil company, highlighted the “market share recovery with sales equivalent to 30% of the national quota” without showing any technical report that supports what he said. The latter is something we have heard before in a speech of the questioned president of the state, Alejandro Narváez.
His praise went beyond. The president highlighted the exports of the company to Brazil, Ecuador and “very soon to Bolivia”, and highlighted the inter -institutional cooperation act with Petroecuador for the direct purchase of oil without intermediaries. In addition, he assured that restructuring actions are executed, although like the Minister of Economy and Finance, Raúl Pérez Reyes, gave no more details about it.
Is Petroperú’s future really encouraging? Only the government sees the situation in those terms, because for citizenship, the situation of the company is so critical that it would prefer to see it managed by private hands. According to an Ipsos Peru survey for Peru21, 43% believes that in the face of serious financial problems you should seek private investors who want to buy the company.
Analysts consulted by this newspaper refuted the optimistic and unreal position of the president. And, to begin with, in the first quarter the oil company recorded losses for more than S/407 million and its president warned that this year the figures would close again.
The former Minister of Economy and Finance David Tuesta explained, in addition, that the largest market share is not a reflection that things are better for the company.
“There are different ways to win market. It may be that I have a store and, to have more customers, under the prices in half, but how much can I hold that in the long term,” he said.
He also said that “you must be shame” to talk about restructuring when this in the long run means giving it aid that all Peruvians will pay.
“Losses are still generated, and kicking the debts is equal to giving it a help because tomorrow you will have to pay those installments. No one has released additional money this year, but they have put their chest for the company and put to the state in guarantee,” he added.
There is no transparency
For the former president of Petroperú, Carlos Paredes, the oil company exports should not be highlighted because “that does not move your needle” to reduce debts and save the state company.
“If the greatest exports are profitable, because at a good time, but there is no transparency in the information, so we do not know the magnitude of those shipments or their profitability,” he added.
Similarly, he argued that in the short term a good horizon is not seen for the company, because you cannot trust the Talara refinery, whose flexicoking unit, the most important of this operation, usually paralyzes operations for repairs. This situation, he explained, has generated that the processing does not reach its potential of 95,000 barrels per day.
He also considered that a change in the directory of Petroperú is necessary because he has failed to save the company although since he assumed the position, last year, he promised blue figures for the oil company.
“The president has been given information that is not true. They are now dragging the Shareholders Board where there are two Ministers of State (of Economy and Energy and Mines).”
Drowned in debts
For its part, former Energy Vice Minister Arturo Vásquez said that the public company is indebted for more than US $ 12,000 million, where refinery spending and its interests are included.
“All the flow of boxes is not enough to pay the debt flow. The financial situation has collapsed and the suppliers are not paid months ago,” he said, and said that the local market is not buying refined oil to the state because it goes more to import it.
In that sense, he considered that it is necessary for Petroperú to enter an ordinary bankruptcy process, so that creditors can decide on the company’s future.
“The only thing that is saving Petroperú are the funds that Peruvians put. The president has been totally uninformed,” he said.
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