Petroper, Perus state-owned oil company, finds itself in a precarious financial situation.
The government continues to provide support despite mounting criticism.Prime Minister Gustavo Adrianzen recently defended new appointments to Petropers leadership.
He expressed hope for positive results from these changes.The companys troubles stem from its massive debt, largely due to the Talara refinery project.
This $6 billion endeavor faced significant delays and cost overruns.As a result, Petroper has required over $1 billion in government aid.
This financial burden has negatively impacted Perus fiscal accounts.
Business groups have strongly criticized the recent appointments to Petropers board.They argue these choices will hinder necessary restructuring efforts.
The company operated without a board for eight weeks earlier this year.
The previous directors resigned en masse, citing government inaction on crucial decisions.Perus Oil Giant Faces Uncertain Future as Debt Burden Grows.
(Photo Internet reproduction)Perus finance minister, Jos Arista, has indicated a potential shift in government support.
He suggested its unlikely the state will continue paying Petropers creditors next year.Petropers Financial CrisisHowever, he didnt completely rule out further assistance.
This stance reflects growing concerns about the companys financial sustainability.
The Chamber of Commerce of Lima (CCL) has raised alarms about Petropers impact on public finances.They note that the companys debt equals 7% of Perus 2025 public budget.
This figure highlights the significant strain on national resources.
The CCL argues these funds could be better used for education and healthcare infrastructure.Environmental concerns add another layer to Petropers challenges.
The company has faced numerous fines for oil spills and regulatory violations.
These issues raise questions about its ability to manage environmental risks effectively.Indigenous communities worry about potential ecological damage if the company collapses.
Petropers board recently asked the government to consider bankruptcy or liquidation options.This request underscores the severity of the companys financial crisis.
It also puts pressure on the government to make difficult decisions about Petropers future.