Peruvian state oil company Petroperu has approved a bridge loan of up to 475 million dollars to address short-term liquidity needs in Lima.
The decision by the board of directors came on August 26, one day after the Constitutional Court left lawsuits against emergency restructuring legislation under final deliberation.
Corporate authorizations and subsidiary structure
Petroperu will channel the operation through Petroperu Invest, a subsidiary created specifically to manage the emergency funds. The credit has not yet been disbursed, and the approval allows executives to begin contracting the short-term financing.
According to a relevant event filing submitted to the Superintendencia del Mercado de Valores, the board appointed Carlos Adrian Linares Penaloza to represent Petroperu at the Petroperu Invest general shareholders meeting. Linares Penaloza received authorization to sign the bridge credit agreement and implement the transaction.
The board also authorized Luis Alberto Suarez Carlo to sign all necessary legal documents and related instruments to formalize the financing package on behalf of the state enterprise.
Petroperu, officially known as Petroleos del Peru SA, is the Peruvian state-owned oil and gas company responsible for refining, transporting, and marketing petroleum products nationwide. The Superintendencia del Mercado de Valores regulates Peru's securities market and enforces corporate reporting standards for public entities.
Emergency rescue scheme and short-term cap
The 475 million dollar package forms part of a broader financial rescue of up to 2 billion dollars approved by the Peruvian government in May. Executive Urgency Decree 003-2026, published on May 11, authorized financing measures up to that threshold to guarantee company operations.
The decree established a 500 million dollar ceiling for short-term contingent commitments. The bridge credit requested by the board sits 25 million dollars below that statutory limit.
A total of 107 days elapsed between the publication of the emergency decree on May 11 and the board resolution on August 26. The filing sent to market regulators did not disclose specific interest rates, financial terms, or a disbursement date.
Constitutional Court review and union reaction
The timing of the credit authorization coincides with key legal proceedings in Peru's highest court. On August 25, the Constitutional Court completed hearings and took under vote several lawsuits challenging Urgency Decree 010-2025, an earlier measure published on December 31, 2025, that underpins the corporate reorganization.
Because the May emergency decree relies on the reorganization strategy established in the earlier law, any constitutional ruling invalidating Decree 010-2025 could alter the legal framework governing Petroperu's overhaul.
The National Federation of Petroleum Workers of Peru, known as Fenpetrol, highlighted the overlap between the corporate decision and the pending judicial ruling. Fenpetrol said the board decision must be examined in light of the constitutional case, warning that a court decision could reshape restructuring plans.
Fenpetrol also questioned why board approval for the 475 million dollar loan required more than three months to materialize after the government authorized the rescue. The union raised concerns over the 25 million dollar gap below the 500 million dollar limit, suggesting the difference may cover structuring fees.
Fenpetrol asked authorities to clarify how much money will be spent on commissions, legal advisory services, financial studies, and administrative costs tied to securing the loan.
While the board approval permits Petroperu to negotiate the loan agreement, the final terms, disbursement schedule, and operational costs of the credit mechanism have yet to be finalized.
