After being identified as a company that only “operates at a loss” in the local hydrocarbon market, the Peruvian state company under private law Petroleum of Peru – Petroperú SA clarified that its accumulated net profit between 2016 and 2022 exceeds US$268 million 731,000.
This, regarding a “graph that has been spreading about alleged accumulated losses”but which only includes the company’s economic results, which are defined as “a measure of net debt accumulation”he asserted.
In this sense, the oil company said that the Financial statements of the company and its notes, audited by international auditing companies, are published each year in the Superintendence of the Securities Market (SMV) for the information of the financial market.
Discord box. Petroperú stated that, during the last 22 years, it generated profits with some exceptions linked to global crises. In 2022, there were “current issues on which it has been working to achieve its financial sustainability”. Photo: Twitter/Diego Winkelried
“This publication includes the Income Statement, which reflects the net profit or loss that the company has obtained at the end of each fiscal year.”he sent.
Regarding the economic results indicated, Petroperú assured that it is a “measure of the net accumulation of debt, product of the financing of the company’s investments”mainly the debt for the construction of the New Talara Refinery (NRT).
“Consequently, these publications do not refer to the net result (profits or losses for the year), which is a concept specific to the company’s Income Statement and where Petroperú has an accumulated net profit of US$268 million 731,000 from 2016 to 2022.”signs the statement.
The Financial Statements (EEFF) of Petroperú and its notes, audited by international auditing companies, are published each year in the Superintendency of the Securities Market (SMV). Photo: Petroperú
Petroperú: NRT is paid with its own resources, not from the Treasury
The debt that Petroperú presents in recent years is due to financing the construction of the NRT through long-term debt (bond issue and CESCE loan).
Therefore, the company reported, “The term Economic Result should not be understood as losses, but as greater indebtedness as a result of the investment made for the construction of the NRT”whose interests and amortization are being met with creditors and with funds generated by the company itself, without recourse to the public Treasury.
“This situation is common when companies execute megaprojects, financed by third parties, as is the case with the NRT. The negative cash flow is temporary, so it will be gradually reversed as a greater flow of income is obtained from the sale of the products that will come from the refinery.”highlighted the oil company.
Finally, Petroperu He recalled that the financial contribution he received from the State in 2022 was exclusive use for the purchase of crude oil and fuels, thus supplying the domestic market; fact that can be consulted on the company’s official portal.
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.
