New Talara Refinery will go into operation in April 2022

Regarding the final stage of the construction of the New Talara Refinery, PETROPERÚ addresses the public opinion to report the following:

• Since the beginning of 2021, delays were generated due to controversies, as well as claims between contractors and subcontractors, which caused some of the work corresponding to the critical path to start up to be completely stopped, all added to the impact of the pandemic of the COVID-19, affecting the initial work schedule, which meant a potential delay for its commissioning until September 2022.
• For these reasons, the new management of the company appointed in September 2021, immediately began actions to mitigate the delays generated, as well as various strategies in conjunction with the supervising company and in coordination with the project's contractors, which It has allowed that in 30 days of management to restart the activities in the works associated with the critical path, a problem that had not been able to be overcome in the first eight months of the year.
• These strategies have resulted in the speed for the start-up of the New Talara Refinery, so that its gradual start-up would take place in April 2022.
• This optimization of the startup deadlines, promoted by the new Company Board of Directors, from September 2022 to April 2022, will generate a significant reduction of approximately 50% of the economic impact projected by the previous management.

On the New Talara Refinery

• To date, the construction of the New Talara Refinery has an overall progress of 96%, (Process Units and Auxiliary Units)
• The construction of the New Talara Refinery is a project declared of public need and national interest through Law No. 30130 in 2013, providing that PETROPERÚ ensure its priority execution to produce fuels in accordance with quality regulations and that they contribute to preserve air quality and public health.
• The New Talara Refinery will be composed mainly of 16 process units and 5 auxiliary units, a highly complex and deep conversion facility with patented technology by the most recognized companies in the refining sector such as EXXON Mobil (USA), Axens (France), UOP (USA) and Haldor Topsoe (Denmark). In this way, it will be in line with the new demands of the international energy market.
• It is important to indicate that the financing obtained for the construction of the New Talara Refinery will be paid through the cash flows that PETROPERÚ generates from its economic activities, which will increase due to the substantial improvement in the refining margin, given that the New Talara Refinery will process lower cost heavy crudes and produce better quality fuels.
• PETROPERÚ is a self-sustaining company that generates its own income to cover its investments, costs and expenses, in addition to generating profits.