Petroperú obtained a net profit of US$ 106.3 million at the end of 2021

Petroperu obtained a profit of US$ 106.3 million at the end of 2021, unlike the loss recorded as of December 2020, which was recorded at US$ 67.3 million.

This, due to “the renewal of inventories at a higher cost, the increase in income due to the volume of sales, given the continuous recovery of the international price of crude oil and derivatives, the greater consumption of the population due to the greater traffic and lower operating expenses”, according to the state oil company.

The international price of crude oil showed an upward trend at the end of December, closing its price at US$76.99 per barrel (US$48.52 per barrel as of December 31, 2020).

This factor determined a higher inventory value of US$ 218 million. This situation is due to the recovery of fuel demand in the world and in the country, after the economic reactivation measures to face the COVID-19 virus pandemic, which causes the rise in prices.

Petroperú: ad portas refinery

Regarding the Project of Talara Refinery Modernization (PMRT), this registered a global physical progress of 96.79% vs. 99.37% programmed. As of March 16, 2020, Petroperú temporarily suspended PMRT construction activities, maintaining only the execution of tasks related to the industrial safety of facilities and equipment.

Since June 15, 2020, work has been progressively restarted at the PMRT, complying with the protocols approved and established in the Plan for the Surveillance, Prevention and Control of COVID-19 of the PMRT.

The proposals for change due to COVID-19 impacts were approved as of December 31, 2020. On November 6, 2021, the Framework Agreement II was signed with the contractor Cobra SCL UA&TC, where the delivery dates of the Auxiliary Units are established, as well as as well as the impacts that must be recognized by Petroperú as a consequence of the effects of the COVID-19 pandemic during 2021 and 2022, among others.

Likewise, on November 24, 2021, the company received the Change Proposal, in which it is limited exclusively to collecting (from January 1 to December 31, 2021) the impacts on cost to which it is forced to Técnicas Reunidas SA may incur as a result of the COVID-19 pandemic.