PETROPERÚ's new administration ratifies its commitment to transparency and efficiency for the benefit of all Peruvians

PETROPERÚ reports on the measures it has been taking within the framework of its transparency policy:

1. Regarding the participation of the company in Lot 192, PETROPERÚ informs that the previous administration signed in August 2021 a Contract of Terms and Conditions for the Joint Investment in Lot 192 with the company Altamesa Energy Canada Inc. However, said contract was entered into without having previously signed the License Agreement between PETROPERÚ and Perupetro, in accordance with Law 30357 and without having obtained the issuance of the final report of the prior consultation process.
2. It is only from the signing of the License contract and the obtaining of the aforementioned report that PETROPERÚ, as the licensee, fully assumes the ownership of the hydrocarbons on the surface and the commitments to comply with the work programs and can validly assume contractual commitments with third parties, which has not happened in this case.
3. Having noticed this irregular situation, the new administration of PETROPERÚ began the review and evaluation of the suitability of the process of signing the aforementioned contract with the company Altamesa Energy Canada Inc., in order to determine the reasons why, contrary to the provisions In the fourth final complementary provision of Law 30130, the call for the strategic partner has been carried out at a stage prior to what the Law allows.
4. In addition, the payment of a success fee to an investment bank, selected by the previous administration, is pending, a process that is also under review.
5. In another vein, the new administration has reviewed all the hiring and acquisitions not essential for the production process that were in progress, having rejected imminent hiring of consulting and advisory services, as well as solving dispensable consulting contracts that were in force, restricting expenses to what is strictly necessary. As a result of these actions, PETROPERÚ has so far made savings of more than 115 million soles.
6. It is with the same objective that the hydrocarbon purchase process has been optimized, having obtained competitive prices from large international refiners, such as Chevron, Shell and British Petroleum, among others. The well-known oil companies, Chevron and Shell, will be the suppliers of the low-sulfur diesel that PETROPERÚ will soon commercialize in its plants and terminals, maintaining more competitive list sales prices, for the benefit of customers in the local market. These purchases will progressively decrease with the start-up of the new Talara Refinery, further improving fuel prices for the final consumer.
7. These product acquisition processes are carried out in strict compliance with the legal framework and current policies of the company and have been duly informed to the public opinion. In this way, the new Administration has achieved better margins in the purchase and sale processes, which will allow it to continue optimizing the entire PETROPERÚ supply chain.
8. PETROPERÚ ratifies its commitment to continuous improvement in search of operational efficiency, its contribution to the development of the country and compliance with the best Corporate Governance practices.