After having commissioned the New Talara Refinery (NRT) 100% and produced 2.6 million barrels of gasoline between July and December 2023, Petroperu announced that it will record a positive EBITDA of US$572 million by the end of 2024, which could be multiplied up to almost US$1,000 million in 2025 if Lot X is added.
At a press conference, the president of the oil company’s board of directors, Pedro Chira Fernández, reported that these new revenues respond to a net refining margin per barrel of US$20.14, four times higher than that of the old refinery. Thus, the country will stop importing more than US$3,546 million a year in fuel, a positive impact on the trade balance.
Recently, Petroperú requested a second support from the State to pay off, in part, the US$1,576 million that it inherited in 2023 commitments and that it must pay until August. This debt was basically installed due to the fall of its credit lines after its 2021 corporate crisis and the purchase of crude oil during the start of the NRT.
The new financial support, now official, consists of four requests: capital contribution of US$1,150 million, capitalization of the US$750 million delivered in 2022 and an increase in both the Foreign Trade line to US$1,000 million, as well as the guarantee state for loans of US$650 million. Only the first is liquid money.
The international consulting firm Arthur D. Little, commissioned by the Peruvian Government to restructure the company, recommended in its final report a new government injection in the range of US$1,000 million to return its accounts to zero. The banks agreed.
This summer Petroperú aims to recover the 33% of the market it lost with Repsol. The numbers support it, because even without the support it would be in a position to reach more than US$783 million EBITDA only with its three lots and the NRT by 2025. But if the injection is completed, the company’s financial strength would allow it to return the US$1.15 billion to the treasury, through profits and taxes, until 2028.
The new support request is key to leaving the accounts at zero in this new stage. Its approval would consolidate the oil company financially and block any other request for future support.
An auspicious 2025
The company will reach these EBITDA of US$572 and US$783 million in 2024 and 2025, respectively, only with the operation of its three lots (I, VI and Z-2B) and the NRT flows. However, if Lot
The annual contribution of Lot X is estimated at US$136 million. However, the projections only take into account temporary contracts for two years, since the decision to revert them, Chira clarified, depends on the state agency Perupetro.
“In our subsidiary role we do not receive additional compensation, it is done at the company’s expense. The State, through Petroperú, subsidizes bringing fuel to the most remote places,” highlighted the head of the state oil company.
Petroperú and its goals for 2024 and 2025
The US$1,015 million in contributions in 2022 served to avoid leaving the market undersupplied. Qetroperú supplies the regions where the private sector and the FF do not reach. AA.
The debt that Petroperú pays each year is around US$350 million.
Petroperú will finish renewing its management team in April, as part of its corporate restructuring.
Lot 192 would be reactivated in Q3 2024. Now it is looking for a partner for Lot 64 in the jungle.
Petroperú does not rule out going to Lot X with a partner.
The data
65% of the NRT’s oil will continue to be imported, but of the heavy variety, which is cheaper on the market.
Source: Larepublica
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