Peru Establishes Strict Control Over $2 Billion Loan for Petroperú

Peru's Agency for the Promotion of Private Investment (Proinversión) has implemented a stringent fiduciary governance structure for a $2 billion loan authorized for the state-owned oil company Petroperú. This financial backing, approved by the Peruvian government earlier in May, is intended to secure Petroperú's operational continuity.

Proinversión emphasized that the financial operation carries a strict limit and a structure designed to fully absorb an initial bridging loan. The agency will serve as the technical body responsible for administering and releasing these funds, guaranteeing their exclusive use for crude oil purchases essential for the refineries. This oversight is crucial for maintaining the company's ability to supply fuel, particularly to the Amazon region where Petroperú holds an 80% market share.

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Proinversión will be the technical entity empowered to administer and release these resources, guaranteeing their exclusive use in the purchase of crude oil for the refineries.

The Peruvian government's decision to seek this international credit line was explained by Prime Minister Luis Arroyo, who stated the funds would solely support fuel supply operations. He clarified that the measure was not a state bailout but an authorization for private international banking to provide financing through a trust managed by Proinversión. This fiduciary governance is described as a fundamental step in Petroperú's asset reorganization, establishing a rigorous control architecture.

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only be used for fuel supply

An initial bridging loan of $500 million is strictly temporary and intrinsically linked to the main $2 billion operation. Once the larger sum is secured, the bridging loan will be fully canceled and absorbed. Proinversión will manage the release of all funds, ensuring they are channeled without deviation to guarantee crude oil supply and enable refineries to operate at full capacity. This ensures the continuity of national supply, activating the company's cash conversion cycle and revenue generation.

The legal framework for this financing was issued by the government of transitional President José María Balcázar, occurring within the context of an international energy crisis compounded by Petroperú's severe liquidity issues. As of February, Petroperú's debt stood at $7.899 billion, with losses totaling $2.5 billion over the past four years.

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a fundamental milestone in the process of asset reorganization of Petroperú, as it establishes a rigorous control architecture to manage the resources destined to ensure the operational continuity of the state company.