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Petroperú seeks to postpone the delivery of its financial statements

Petroperú seeks to postpone the delivery of its financial statements

Petroperú aims to extend the date to present the audit of its 2022 financial statements, which is carried out by the company PricewaterhouseCoopers (PwC).

Through an important fact published in the Superintendency of the Stock Market (SMV), the state company recognized that the banks and the Spanish Export Credit Agency (Cesce) — that is, your lenders — approved the amendment to the contract so that last year’s audited financial statements would be presented at a later date.

In this line, Petroperú requested the consent of its bondholders – with maturity in 2032 and 2047 – so that the term can be extended.

  Talaran crude.  Petroperú needs to ensure the supply charge guarantee, at production cost and not at international value, for its new refinery.  Photo: diffusion

Talaran crude. Petroperú needs to ensure the supply charge guarantee, at production cost and not at international value, for its new refinery. Photo: diffusion

Reasons why it would prosper

During the management of Hugo Chávez, who was in charge of the Petroperú board of directors, the audited statements for 2021 were not presented, which resulted in a crisis with foreign markets, since the reputation of the state company was devalued to assume its responsibilities financial.

However, with the departure of Chávez, now the panorama is totally different under the orders of Pedro Chira: they have recovered confidence in Petroperú, the former president of Perupetro, Aurelio Ochoa Alencastre, told La República.

“If the banks and the Cesce, which are more demanding, have done so, it is presumed that the bondholders will follow the same line”, explained.

In addition, he pointed out that with the start-up of the New Talara Refinery (NRT) —already close to 100%— there is greater support to recover the liquidity flow.

  Impulse.  Refining margin is key for Petroperú.  Photo: diffusion

Impulse. Refining margin is key for Petroperú. Photo: diffusion

Robustness with NRT

This move by Chira occurs in a context in which the Fitch and Apoyo & Asociados agencies have highlighted Petroperú’s qualities to recover from the financial shock with the total reactivation of the New Talara Refinery.

“These flows from the start-up would help the company to repay the debt contracted in recent years and reduce its need for government support,” Apoyo said.

The data

Forecast. Fitch points to Petroperú have an EBITDA of US$300 million, a capital expenditure of US$506 million and interest for US$132 million with the NRT underway. In addition, you will be able to refinance your pending work capital bank lines.

Source: Larepublica

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