MEF has a transit directory for Petroperú

The Ministries of Economy and Finance (MEF) and Energy and Mines (Minem) They complied with their warnings from days ago and appointed a temporary board for Petroperú, which will take the reins until January 2025, the date on which the Executive expect “figures in blue” and that Fonafe conclude the headhunting selection process for new directors, commissioned through DU 004-2024.

The MEF men are David Tuesta, Germán Boza and Carlos Linares. On the part of Minem, there is Oliver Stark, who comes from the mining sector, and still has one to be defined today. The sixth is the one chosen by the state workers, so, for now, it remains. It is not known who will preside, although Minister Arista himself acknowledged that he had offered a position to the former president of the oil company Carlos Paredes, who withdrew.

The day before, the now former president of the board of directors Pedro Chira He presented his resignation along with the directors Artemio Reátegui and Pedro Méndez. The other two seats belonged to José Olivares and Brigitt Bencich, whose resignations occurred in December and for whom a replacement was being sought.

Precisely, DU 023-2022 had forced Petroperú to pay US$2.8 million for a consultancy with Arthur D. Little and Columbus to guide its restructuring. The company had started the process – which should prevent the arrival of more direct directors – but the new direction of its shareholders meeting (JGA) He threw everything to the ground.

“The new decree replaces any previous legal provision, it is an extraordinary and emergency measure […] In January, it showed profits, and that tells us that there is hope,” said Minister Mucho.

Meanwhile, the Minister Arista considers that the oil company could recover its numbers in the blue by 2025, based on a process of personnel cuts, austerity and state support through new credits. Rule out privatization.

“To the extent that it begins to show blue numbers, the value of the company will grow and it will be much easier to seek, not a total sale, but a private participation in the management, along with a financial contribution that will make it jump to the leagues. greater. “It has potential,” Arista said.

loose ends

For Aurelio Ochoa Alencastreformer director of Perupetrointerrupting the restructuring process that the Government itself had ordered can be understood as a bad sign of support from the State towards its oil company, in days when it has been provided with guarantees for US$1.3 billion due to a drop in its rating.

To its turn, Erick Garciaformer director of Hydrocarbons, maintained that the new board of directors must also divide the structure of the firm by business lines, in order to avoid duplication of positions and clarify costs.

Petroperú and partial support from the State

• The guarantee for the new US$800 million loan Petroperu They are your real estate and land. If you don’t pay, the MEF sells them through Proinversión.
• In a statement, Petroperú stated that it has been “announcing the company’s management in a timely and transparent manner.” As part of the actions, it modified its corporate statute, the internal regulations of its board of directors, and the regulations of the AGM.
• The Peruvian Hydrocarbons Society (SPH) He welcomed the recomposition of the state company’s board of directors, but asked to publish its restructuring plan.