General Meeting of Shareholders of the state oil company will have three representatives of the MEF as majority members and, therefore, will have decision-making capacity over the Ministry of Energy and Mines. Petroperú remains at the mercy of political interference.
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This Saturday, February 3, DS 004-2024-EM was published, which modifies the composition of the General Meeting of Shareholders – AGM of Petroperú SA giving the decision-making capacity to Ministry of Economy and Finance (MEF). And now there will be three members of the board representing the MEF: Minister Alex Contreras and his Vice Minister of Economy and Finance, Juan Pichihua and Rodolfo Baca, respectively.
On the side of the Ministry of Energy and Mines (Minem), Minister Oscar Vera, who chairs the General Meeting of Shareholders, and Vice Minister of Hydrocarbons Julio Poquioma will remain. Until before this DS, there were three representatives of Minem in the AGM of Petroperu.
Likewise, the DS in question determines the technical support from the General Directorate of Hydrocarbons to the General Meeting of Shareholders“for the necessary technical operational actions of the company in the hydrocarbon market aimed at meeting the objectives and guidelines of the current National Energy Policy.”
These changes come days after the Fitch Ratings agency Petroperú’s long-term local and foreign currency issuer default rating was lowered to B+, which was previously at BB+. The state-owned company’s senior unsecured notes also fell to B+ and the standalone credit profile remained at ccc-. This reduction in levels is due to the explicit announcement by the government of Peru (BBB/Negative) that it will not support Petroperú in a way that is sufficient to modify the company’s weak capital structure.
“Additional government support needed: Fitch does not expect the national government to support Petroperu in a way that is significant for its capital structure in the short term,” they summarized.
Editor of the Economics section. Journalist from the University of San Martín de Porres, with more than 15 years of experience, specializing in mining and energy issues. Twice winner of the Ramón Remolina Serrano journalistic contest of the Lima Chamber of Commerce. He has a Diploma in Communication, Journalism and Society from Esan University.
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.
