In a recent interview for the program ‘Clear and direct’, the former president of Petroperú, Carlos Paredes Lanatta shared alarming details about the economic situation of the state company during his management. Contrary to popular belief, he revealed that the company had been incurring significant losses prior to the modernization of the Talara Refinery, a project that, in his words, ended up “sinking” the company financially.
The former official expressed his fight to achieve transparency within the entity, facing what he described as “the great brotherhood in Petroperú”, an internal group that systematically hid critical financial figures. Through collaboration with outside experts, he managed to discover that the refinery had generated losses of approximately $150 million, an amount that wiped out Petroperú’s total accounting equity, leaving it with a net worth of zero.
The situation described by the former head poses a serious scenario for the state company, which was unable to attract private investment due to its negative valuation. “If someone comes and offers 500 million dollars for a company that is worth zero, what percentage of the capital are they going to keep?” He questioned, explaining the impossibility of selling shares without incurring legal responsibilities.
Finally, he highlighted the need to increase capital not only to improve Petroperú’s financial strength but also to introduce more efficient management through the participation of private investors. The interview reveals the structural and management challenges faced by the state oil company and the urgent need for profound reforms for its recovery and long-term sustainability.
Former president of Petroperú assures that it is unfeasible to privatize the oil company
The former head of Petroperu shared his perspective on the possibility and convenience of privatizing the state oil company. During a discussion, he described the word “privatization” as inappropriate in the current context, highlighting the unfeasibility of such an action under the political and economic circumstances present in the country.
“The word privatization is a bad word to use,” said the former director, who during his administration faced recommendations to avoid the use of this term. The political situation and the economic burden that public companies represent make privatization a thorny and unfeasible issue. Instead, he suggested the possibility of selling assets not essential to the company’s operation, although he acknowledged that this would not solve the underlying financial problems.
Paredes assures that there is a solution for the crisis in Petroperú
Carlos Paredes also shared his perspective on the challenges facing the state company, emphasizing the urgency of clarifying its future vision and the implementation of transparency strategies. The lack of a clear direction and government interference have been, according to the interviewee, critical factors behind Petroperú’s current situation.
“This problem has to be solved,” said the former official, referring to the challenges facing Petroperú. In his opinion, the solution lies in determining what type of entity Petroperú wants to be. During his management, a strategic planning process had begun aimed at converting Petroperú into a mixed capital company, allowing the entry of private investment up to 49%, in accordance with Law 30130. However, subsequent decisions and the lack of transparency have stalled these efforts.
Source: Larepublica
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