Lima, January 1 (EFECOM). – Peru’s interim government is not considering privatizing state oil company Petroperú after ordering the restructuring of its assets. However, it opens the possibility of the inflow of private capital to overcome the financial crisis it is facing, Economy Minister Denisse Miralles explained on Thursday.
“The decision taken is not a privatization, it is not a sale or handover of the company. It is a necessary restructuring to protect the interests of all Peruvians,” Miralles told Canal N television.
The minister added that the restructuring aims to make Petroperú self-sufficient and eliminate “disproportionate advantages” through “correct and transparent management.”
“This company is in a serious financial crisis and we cannot maintain the benefits regardless of the reality of all Peruvians,” he said.
He added that allowing private capital to enter “does not mean losing state control” because the aim is “efficiency, not privatization.”
“Peru will not give up power over Petroperú,” he confirmed.
The minister also denied that left-wing lawmakers had said they would step up their criticism in office over their responsibility in what they saw as a privatization initiative.
“The goal is to prevent the collapse of this company, restore its strategic value and not continue to sacrifice public resources. This is a responsible business decision, not an ideological one,” she said after saying she was ready to make statements to Congress.
Through an official decree, the government approved “in an exceptional manner and for reasons of public necessity” the restructuring of Petroperú’s assets “into one or more historical blocks”, which may include the new Talara refinery built on the north coast of the country.
The regulation, which will be valid for one year, stipulated that it is to be understood as “incorporation into the above-mentioned company within the framework of the promotion of private investments” and that the state agency Proinversión will determine the applicable modality through a promotion plan that must be approved within a maximum period of sixty days.
The government stressed that the content of this plan is “binding” on Petroperú and that its board must carry out the necessary actions “under functional responsibility” within a maximum of five working days from receipt of the relevant decision.
Miralles had announced on December 28 that the government would adopt a decree for the “comprehensive restructuring” of Petroperú, with the intention of “protecting the assets of the state” in the face of the financial crisis facing the company.
He assumed that the mechanisms that can be applied also include asset projects in which “the state does not sell but creates added value, allowing a private individual to develop, make an investment and also generate revenue for the state”.
The cumulative losses of Petroperú, a state-owned company responsible for the exploration, refining and distribution of fuels, amounted to around $300 million as of July last year, representing 53% of its share capital. EFECOM
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