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Dina Boluarte spokesperson assures that the Government will not privatize PetroPerú

Dina Boluarte spokesperson assures that the Government will not privatize PetroPerú

The official spokesperson for the Presidency of Peru, Fredy Hinojosa Angulo, stated tonight, through a conference, that by order of the president, Dina Boluarte, privatizing the public company is ruled out. Petroperu. This after part of the directory of the aforementioned company of hydrocarbons indicated that private management would be the best option for its financial self-sustainability.

Through a conference open to the media, the spokesperson for the Presidency of the Republic, Fredy Hinojosa Angulo, announced that due to the order of the Head of State, Dina Boluarte, all types of privatization regarding the company are ruled out. Petroperuthis in the midst of a crisis in the management of the public company.

“At the express request of the President of the Republic and, given the dissemination of some versions related to Petroperú, we categorically inform that Petroperú will not be privatized”Hinojosa pointed out.

Talara refinery seen from above.  Photo: Petroperú

Talara refinery seen from above. Photo: Petroperú

Petroperú Board of Directors: “Private management is the best option”

This last Monday, May 13, the Board of Directors of Petróleos del Perú-Petroperú SA issued to its collaborators and public opinion, through a statement, a series of points that show a crisis within the aforementioned company.

Petroperú currently operates with limited revenue growth and low profitability, according to sales and loss figures projected to 2024, of US$3,977 (30% less than 2022) and US$716 million (164% higher). than 2022). Likewise, the company has a loss of its competitive position, having given up market share from 51% to 25%, which suffers from a high degree of instability in management and governance.

Many of these situations find their cause in policies, which generates heavy debt in the construction of the New Talara Refinery, which tripled its cost over time. The uncertainty of the refinery stabilization process generated a series of future financial vulnerabilities, such as leading the State to continue capitalizing it.

All this in the midst of an ossified, not very agile and oversized organizational structure, with evident transparency in its risk management model.

Thus, the transitional board calculated that an additional US$2.2 billion is required, money that will come from all Peruvians. As detailed in the document, it would be an act of immorality to request greater financing from the State, since nothing ensures that the company will not resume requesting more support in the near future.

Likewise, they stated that the best option is to consider private management. “This board considers that private management in the management of the company (Petroperú) is the best option to achieve a return to financial self-sustainability,” they maintained.

What is Petroperú?

Petroperú is a company owned by the Peruvian State and under private law dedicated to the transportation, refining, distribution and marketing of fuels and other petroleum products.

It has two oil pipelines: Norperuano and Ramal Norte, as well as a contracted maritime and river fleet. Regarding oil refining, there are the Talara, Conchán, Iquitos, El Milagro and Pucallpa refineries (the latter is rented).

Source: Larepublica

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