Petroperú would not receive economic support from the State again, reaffirmed Premier Alberto Otárola

The head of the Council of Ministers, Alberto Otárola, appeared during CADE 2023 and spoke about the situation of PetroPerú, since the state company has been recording losses and its income is not enough to cover its costs and expenses, according to reports from the same oil company.

“We believe that this company has completed an economic cycle in the country and, from an economic and financial point of view, it will not be possible to continue financing the deficit. This is the decision that the Government made at the time,” the minister indicated.

What could happen to PetroPerú?

Faced with a complex scenario, Otárola He stressed that what PetroPerú needs is a reorganization and a rethinking of its strategic objectives.

“Petroperú should have a professional board, it should be as far removed from political decisions, it should enter a reengineering process and it would have to rethink some quite orthodox positions regarding national markets,” he explained.

How has PetroPerú performed?

Faced with the crisis, PetroPerú asked the State for financial support of US$1,500 million, an amount that was added to the capital contribution of US$1,000 million that the Government gave it in 2022.

Furthermore, at CADE, the head of the PCM pointed out the importance of the oil company’s future not being based on the government in power.

“There must be international public tenders for these awards, we We are not going to allow the conduct of a company so important for the Peruvian economy to depend on the political will of a minister.a cabinet or a public official,” he explained.

The premier explained that now the capital that has been continuously provided to PetroPerú is needed, therefore, the company is entering a definition phase to analyze its situation.