Members of the board of directors of Petroperú published a statement urging the government to make a decision due to the current conditions of the management of the state-owned company, which they consider to be ‘unsustainable’.
“On May 13, 2024, a statement was published announcing the critical situation in which the company found itself, while awaiting a response from the Government regarding the recommended actions to achieve efficiency gains in Petroperú that would ensure its self-sustainability. Thus, it was also stressed that “it was immoral” to continue requesting more money from the State without the company committing to profound changes. After a few months, the government’s decision on what to do with Petroperú is still pending.“, the document reads.
Given this situation, Petroperú is asking the Government of Dina Boluarte to ‘evaluate’ three options for a possible solution to the crisis of the state-owned company.
The first one proposes to continue injecting capital into Petroperú, “as until now, without asking for or ensuring credible organizational changes that seek efficiency”.
Another option is to accept your bankruptcy”and/or liquidation with the legal and financial obligations that could be faced”.
And the third, they suggest that the Government decide on a deep restructuring.that enjoys credibility”.
According to the board of directors of Petroperú, the situation is ‘unsustainable’ because “a historic political and union interference”, which according to his version, “has led the company to move far away from efficient, transparent management and good corporate governance.”.
They also mention that the construction of the New Talara Refinery, “Having cost twice as much as budgeted, it will have a long stabilization process with the risk of continuing to impact the financial statements for at least two more years.”.
Later, the third reason was given due to the “consequent over-indebtedness that has deteriorated its solvency and liquidity ratios to the extreme”.
