PETROPERÚ will once again be a self-sustaining company

The president of the Board of Directors of PETROPERÚ, Pedro Chira Fernández, said that the company's General Shareholders' Meeting, made up of the ministries of Energy and Mines and Economy and Finance, has been requested to provide financial support of 1,150 million dollars, as well as other financial facilities that will allow it to continue guaranteeing the supply of fuels in the country.

During a press conference, Chira Fernández explained that this liability was generated by the management problems that occurred in 2022, which caused the risk rating downgrades, restrictions on credit lines and increase in interest rates. Likewise, the start-up sequence of the New Talara Refinery (NRT), due to its complexity, has taken 16 months for its full operation, which began at the end of last year.

"While we started the refinery, we had to continue serving our fuel market through imports to guarantee supply, especially to the most remote areas of the country," said the president of the company's Board of Directors.

According to projections, the NRT will generate a net refining margin of almost four times that generated by the old refinery, which for years contributed to the company's solidity. These revenues will allow it to continue fulfilling its subsidiary role and the commitments that PETROPERÚ assumed to finance the construction of the NRT, he said.

He also reiterated that PETROPERÚ has been a self-sustaining company that during the last 22 years has generated accumulated profits of about 3 billion soles and that between 2016 and 2023 it has contributed more than 9 billion dollars to the country.

In addition, he announced that PETROPERÚ has been fulfilling its payment obligations to its bondholders and CESCE with its own resources, disbursing about 1.4 million dollars from 2017 to December 2023.

He pointed out that, during 2024, considered as a year of transition for the economic recovery of the company, a positive EBITDA is projected, counting on the full operation of the NRT and lots I, VI and Z-69 that have been operating in the northwest of the country.

Restructuring Plan

The Chairman of the Board of Directors of PETROPERÚ informed the press that PETROPERÚ has complied with the provisions of Emergency Decree 023-2022 and is implementing the Restructuring Plan, which includes a series of short and medium-term actions, in order to ensure financial sustainability and strengthen the governance of the company.