Petroperú presents its restructuring plan to the General Shareholders' Meeting

Petroperú's board of directors approved the company's Restructuring Plan carried out by the international specialized consultancy Arthur D. Little LLC, in consortium with Columbus HB Latam Inc., which has been brought to the attention of the General Shareholders' Meeting, within the period established in Emergency Decree No. 023-2022. 

As reported at the time, the Restructuring Plan aims to strengthen the governance of Petroperú, as well as ensure its financial sustainability and that of its operations at the national level. 

As part of the work carried out, the consultancy developed a comprehensive diagnosis of the company, including its strengths, weaknesses and key success factors. Likewise, the consortium identified the best operational and strategic practices of the industry, proposing improvement and solution alternatives that allow Petroperú to meet its sustainability goals, including its administrative reorganization. 

The work carried out between January and July of the present also included the analysis of the hydrocarbon market and Petroperú's competitive position, characterizing its performance and prospects under the new energy transition approach. Likewise, it considers an Implementation Plan with milestones, execution deadlines, managers and indicators to carry out the respective control. 

In line with the aforementioned emergency decree published on October 25, 2022, until next September PETROPERÚ must implement the administrative reorganization proposed by the international consultancy in order to generate efficiencies in accordance with the strategic objectives approved by the sector. In parallel, it must modify the bylaws and other corporate instruments to reinforce the principles of good corporate governance, in accordance with the guidelines of the National Fund for the Financing of State Business Activity – FONAFE. 

Likewise, in accordance with the commitments assumed, in October it must present the valuation of the company and the preparatory actions for a public offer of shares, within the framework of Law No. 30130, Law that declares of Public Necessity and National Interest the priority execution of the Modernization of the Talara Refinery to ensure the preservation of air quality and public health and adopts measures to strengthen the corporate governance of PETROPERÚ. 

The progress of these actions that have been implemented in the company are reported to the General Shareholders' Meeting and the Office of the Comptroller General of the Republic, in compliance with the provisions of the Executive and in the interest of transparency and good management practices that the company has been implementing.