Germán Velásquez Salazar tendered his resignation

PETROPERU reports that on June 28 of 2016, Germán Velásquez Salazar tendered his resignation to the post of Chairman of the Board before the General Meeting of Shareholders. Also, in the Board session on June 30, 2016, Velásquez Salazar tendered his resignation to the post of General Manager.

On said session of the Board it was also decided to appoint Carlos Linares Peñaloza ASCAP general Manager of PETROPERU. Meanwhile, Gina Vega Ponce de León took over the duties of the Chairman of the Board. During Velásquez Salazar’s period, PETROPERU recovered the positive path in the management of its financial results, going from having a net profitability of S/ 503 million in 2015 (in 2014 the company reported net losses for S/ 280 million). What’s more, by May 31 of 2016, the net profitability of PETROPERU comes up to S/ 340 million.

The tenure of Velásquez Salazar, also, fully complied with Law 30130, leading the modernization process of the corporate management (“Petrotransformation”), based on four fundamental pillars: new organizational structure, management by performance indicators, the construction of the new Talara refinery and improvement of internal and external communications. On that point, the execution of the Talara Refinery Modernization Project has a progress of over 40%, ahead of schedule.