It has been 24 days since the Executive of José Jerí decided remove Alejandro Narváezthe former president of Petroperudue to poor results, constant non-payment by the company that had to be assumed by the Treasury and not having implemented measures to correct its situation. Narváez came to the oil company by appointment of Dina Boluarte, despite the opposition of the Ministers of Energy and Mines, and of Economy on duty.
Although Narváez’s departure represents a good sign about the intention to put a stop to the oil company’s waste, the delay in finding a new board to seek a solution is not, nor is it that the Ministry of Economy and Finance (MEF), under the leadership of Minister Denisse Miralles, continues to consider the company to be a strategic asset.
“An asset or sector is truly strategic when its dysfunction compromises the security, sovereignty or essential stability of the country (…). Does Petroperú meet these criteria? Hardly. It does not guarantee energy security nor does it play an irreplaceable role in the supply chain,” indicated economist Felipe Morris in his Peru21 column.
On Thursday of last week, the final act of transferring management from Narváez to Fidel Augusto Moreno Rodríguez, interim president of the oil company, took place, which would have ended in a farewell ceremony in a company that only survives thanks to the taxes that we Peruvians pay. Before assuming the position, Moreno served as Narváez’s second. It’s from your circle.
After being dismissed, the latter met with Moreno in the presidential office, in San Isidro, three times counting the day of the transfer, which has generated suspicions among the main analysts of the sector.
Former Minister of Economy David Tuesta expressed surprise at the delay in the change of board of directors. “Almost a month has passed and the board has not been defined, Petroperú’s accounts were already in the red and now they must be on fire. This delay already catches my attention. Suddenly there is some indecision or pressure that the president may be receiving, because behind it there is a lot of ideological burden and many benches that must be pushing to appoint one person or another. It is a loot,” he said on channel N.
Salary increases
What is not known is whether Narváez fulfilled the promise he made to increase salaries for some managers and staff of the company. In theory, he was not allowed to sign any document after October 17, because he was dismissed.
And although the board prior to Narváez began with a personnel reduction policy, which led 84 people to stop working at Petroperú in the last year, administrative expenses during Narváez’s period continued to increase.
According to the Superintendency of the Securities Market (SMV), the administration expenses of the state company went from US$111.7 million between January and September 2024 to US$114.8 million between January and September 2025 (+2.83%).
Currently, 2,633 people work in Petroperú, according to Sunat. At Repsol, which also has the same line of business, there are 2,257 employees and its administrative expenses reached US$35.1 million in the first nine months of the year, a third of what the state company spends.
The urgency is evident to form as soon as possible a new board of directors that is capable of defining, once and for all, the future of the company.
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