The Ministry of Economy and Finance (MEF) will regain its cornerstone position on Petroperú’s decisions, after, the day before, the president of the Council of Ministers, Alberto Otárola, announced an emergency decree that, among other measures, will empower the Fonafe to appoint its board of directors, which will also be completely changed.
The decree should be published today. Executive sources told La República that This modification does not imply a return per se for the oil company within the scope of the state holding company, but rather a “special assignment” for the appointment of new directors through a headhunting process.
“The board of directors of Petroperú and the Fonafein a second moment, will elect a professional board,” said Otárola.
Petroperú has already been in Fonafe before (where Córpac is currently located). He separated in July 2006 with Law 28840. His departure allowed him to streamline processes and gave him more independence regarding the decisions of the MEF.
“It will be 15 days from the publication to convene a board of directors. The objective is that at the end of the year and the beginning of next year the flow is positive for the company,” Otárola said.
Sovereign support
To its turn, Minister José Arista reported that a financing source was also approved with sovereign guarantee of National bank at a time when the state company’s big problem “is not the lack of capital solvency, but the lack of liquidity.”
Arista, who chairs the Fonafe board along with the heads of MTC, Housing, Minem and the premier, supported his confidence in Petroperú.
“I believe that with this financial relief, plus the total change in governance and the austerity regulations that are being proposed, it will once again be a solvent company and the pride of all Peruvians,” he said.
Position shared by the Minister of Energy and Mines, Rómulo Mucho, who stated that the intention of the Executive is that Petroperú “recovers its prestige and investment made” (in the Talara refinery). Thus, the new independent board will determine the management tools so that the company “shows results in blue.”
“The investment has already been made. It has been years that they have not occurred [combustibles debido al parón] and also Covid-19 and other phenomena that have affected Petroperú so that it is in this situation today,” Mucho stated.
Petroperú: support from the Executive for more purchases
The DU also establishes a provision of guarantees for Petroperú’s working capital, in addition to the expansion of the current ones to ensure the supply of fuel. “It is not capitalization or cash,” clarified Otárola..
On February 3, through DS 004-2024-EM, the composition of the General Meeting of Shareholders of Petroperú was modified. Now the MEF has three representatives compared to two from Minem.
Petroperú achieved a positive EBITDA of US$29 million in January thanks to the new Talara refinery.
The word
José Arista Arbildo, Minister of Economy
“With this financial relief, plus the total change in governance and austerity regulations that are being proposed, Petroperú will once again be what it has always been, a solvent company.”
Source: Larepublica
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