Petroperú and its next challenge: recovering the fuel market

As part of its strengthening strategy, Petroperú has the short-term objective of recovering its share in the liquid fuels market, hoping to reach 33% in 2024. With the 100% commissioning of the New Talara Refinery (NRT) complex A more competitive commercial offer is estimated, thus recovering participation in the fuel market.

“We are in the final stage of this arduous path that meant carrying out the most important energy project in the country, a refining complex that puts us on par with the most developed technologies worldwide and that will allow us to add more efficiencies and profitability. to our management,” said Pedro Chira, president of the Petroperú Board of Directors in a ceremony with the NRT workers, in which the Minister of Energy and Mines, Óscar Vera and the president of Perupetro, Isabel Tafur, participated.

Likewise, he maintained that, in accordance with its strategic objectives, the state company remains firm in its vertical integration that will contribute to offering the country fuels at more competitive prices.

Along these lines, he specified that Petroperú maintains an optimal average production of 7,200 barrels per day in the three oil blocks that it operates in the northwest of the country (I, VI and Z-69) and that is part of the NRT's load. “In addition, in the second half of 2024, it expects to begin production activities in Lot 192 in Loreto, together with Altamesa Energy Canada S.A.C. as your strategic operating partner,” he said.

Chira Fernández reiterated - regarding the capitalization of the company by the State - that this will not be carried out in the remainder of 2023. However, she maintained that since the State is its only shareholder, a constant evaluation is carried out.

On the other hand, it should be noted that Petroperú has been fulfilling all its commitments made to bondholders and financial entities guaranteed by the Spanish Export Credit Agency (Cesce) for the construction of the NRT. In this sense, the company carries out its obligations within the corresponding deadlines with the own resources generated by its operations.

Finally, he specified that actions are being implemented to strengthen governance and guarantee the sustainability of the company, in line with the Restructuring Plan and in compliance with the provisions of Emergency Decree No. 023-2022.