PETROPERÚ makes clarifications on the vote of no confidence in the management team

PETROPERÚ addresses the public opinion to specify that the withdrawal of the confidence of the General Manager and the management team, approved by the Board of Directors in use of their powers, was agreed upon after the evaluation of the information received in the management transfer process, in which the following critical aspects were identified:

1. Reduction of the company's market share from 44% in 2019 to 36% in August 2021.
2. Delay in the start-up of the New Talara Refinery, which was initially planned for next November, impacting on the investment amount due to the effects of COVID-19, as well as inadequate management in the administration of the Auxiliary Units contract and delays in the contractor, a situation that will generate additional costs.
3. Approval of the increase of the unsecured credit line to Peruvian Airlines to US $ 1.4 million by the General Manager, without being subject to the policies and procedures in force for the management of credits and collections. The disclaimer was made, and the contracted law firm recommended the dismissal of the General Manager, however, the previous Board of Directors agreed to grant him only a written warning.
4. During the period of August to November 2019, a line of credit was granted to the company Sociedad Peruana de Gas S.A.C. with four (4) letters of guarantee from Cooperativa FINANCOOP LTDA., and have not been able to be honored, generating debt to the Company for more than S/ 30 million.
5. In July 2021, Internal Audit identified that the Commercial Manager did not meet the minimum professional profile required for the position, despite having been selected by a Headhunter. The Chairman of the Board and the previous Administration were informed and did not take any action in this regard.
6. In February 2021, a contract was signed with a Headhunter for the recruitment of personnel, despite the fact that Internal Audit identified an inadequate assessment of conflict of interest and non-compliance with the Contracting Regulations.

PETROPERÚ rejects the journalistic reports that account for a political takeover of the company, again stating that the managerial positions have been entrusted to career personnel of the company, with extensive experience in the hydrocarbons sector, thus guaranteeing the continuity and operability of the Company, in compliance with its strategic role of supplying fuels to the entire national territory.