Summary
Peru's government has announced an emergency plan to allow private investment in Petroperu, the state-owned oil company, due to financial troubles. This includes the possibility of reorganizing the company to increase private involvement, particularly at the Talara refinery. The decision aims to stabilize the company's finances that have suffered significant losses and debt.
Key Facts
- Peru approved an emergency decree for private investment in Petroperu.
- President Jose Jeri announced the decision before the new year.
- The decree allows reorganizing Petroperu, including private participation at the Talara refinery.
- The Talara refinery had a costly $6.5 billion upgrade that doubled its original budget.
- Petroperu reported losses of $479 million from January to October 2025.
- The company has $764 million in supplier debts by the end of 2025.
- Peru’s government provided about $5.3 billion in support from 2022 to 2024.
- An environmental emergency was declared after an oil spill on the northern coast in 2024.
