Impact. Production of gasoline and diesel at the Petroperú plant today is 30,000 barrels, but it will reach almost 100,000 per day. In this way, the state company already has access to refining profit margins, which are higher than US$30 per barrel.
In the last two weeks, Petroperú has been progressively producing low-sulfur fuels (gasoline and diesel), as required by environmental regulations and Law 30130 of December 2013, reaching 30,000 barrels per day, after the activation of more units of the new Talara refinery.
In this way, in the coming days it will be the official inauguration by the head of the Ministry of Energy and Mines (minem), Oscar Vera. The arrival of President Dina Boluarte and other officials is expected.
It should be noted that up to now the Primary Distillation Unit, the Vacuum Distillation Unit, the Hydrogen Production and Purification Unit, the Nitrogen Plant, the cooling and fire fighting systems, among other process and auxiliary units. Likewise, the units of hydrotreating and the units of conversion and deep conversion will continue.
When the refinery operates at 100%, that is to say when the licensees Técnicas Reunidas and Cobra (both Spanish) deliver all the units to the Petroperú operators, a production of 95,000 barrels per day will be reached.
In the coming days, the Talara refinery will pass into the hands of the Government. Photo: diffusion
Flows for Petroperu
It is important to point out that the old refinery of talara it stopped producing in December 2019 for the new refinery to go into production. From that date until today, Petroperú imported all the fuels it sold, without having the profit margin provided by refining.
Now, three years later, Petroperu Could have a profit margin for refining the fuel they sell to wholesale distributors –who then reach the final public via taps–, which implies the return to the market of the Talara refinery.
The refining margin occurs between the price at which crude oil is purchased and the moment it is sold processed, that is, as fuel for consumption. According to Petroperú, it was thought that the stoppage (of the refinery) in December 2019 would be short and the state company began to import and compete without a refining margin, when Repsol and other importers such as ExxonMobil already had and have this profit margin. But the COVID-19 pandemic, which began in March 2020, delayed the refinery’s start-up.
It is worth noting that currently the refining margin per barrel exceeds US$30, almost three times more than in December 2019 – when the old refinery closed. Even with the outbreak of the conflict between Russia and Ukraine passed the $60 threshold, but the state firm was unable to profit (see infographic).
The former president of Petroperú Humberto Campodónico recalls that, despite the expected 95,000 barrels not yet being produced, Petroperú’s financial situation will gradually improve so that scenarios of lack of liquidity are no longer repeated, which forced the Government will inject S/4,000 million as a capital contribution.
“One of Petroperú’s main problems is that it has had to operate without a refinery and, therefore, without refining margins, which put it at a disadvantage compared to its competitors, such as Repsol’s La Pampilla, which does have such a margin. Besides, there is the lack of oil lots and their zero participation in direct sales to consumers, because the Petrored taps belong to private companies that only use the name of Petroperú.The new refinery will revitalize the company and will make Petroperú recover its position in the market,” he added.
Petroperú’s financial situation is expected to improve little by little with the exploitation of these lots. Photo: Petroperu
PMRT buys 100% of local oil
The Talara refinery is supplied with 100% of the crude from the lots in that city. Petroperú pays the international price for them.
About, oscar veraowner of the Minem, guaranteed that those lots whose contracts are about to expire will revert to Condition Peruvian through Petroperú. Thus, the state company will have access to oil income, which will contribute to its strengthening.
Congresswoman Francis Paredes (Bloque Magisterial) proposes, through the PL 4033/2022-CRthat Petroperú explore and/or exploit blocks VII-VI, Z-2B and X of Talara.
Evolution of refining margins
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
