The directors of Petroperu They proposed, among other things, that bankruptcy or liquidation be accepted with the legal and financial obligations of the state company in view of the critical situation that the company faces. hydrocarbons.
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In a statement, they said that the Executive’s response on what to do with the oil company is still pending, after the situation it is facing was made known on May 13.
“It was also stressed that it was immoral to continue asking the State for more money without the company committing to profound changes. Several months later, the government’s decision on what to do with Petroperú is still pending,” the directors said.
He also pointed out that another option available to the Executive is to decide on a profound restructuring that is credible, although this would lead to a consequent and necessary injection of capital from the government on the condition that efficient actions are taken.
“This stabilization would have to ensure the attraction of private capital to Petroperú to strengthen its transformation. This option, of course, faces institutional risks, which may eventually end up interrupting or reversing this plan, so it should be accompanied by a strong legal framework, which reinforces future actions. This was the restructuring alternative developed by the current board,” they said.
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What happened to the company?
According to the directors, the situation of the state-owned company is due, among other things, to a historical political and union interference that has led to it moving away from efficient, transparent management and good corporate governance.
The construction of the New Talara Refinery and the resulting over-indebtedness that has severely deteriorated its solvency and liquidity ratios were also a factor that led to this situation.
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