Peru's Petroperú denies delaying restructuring amid financial crisis

Peru's state-owned oil company, Petroperú, has refuted allegations of intentionally hindering its court-ordered restructuring. The company issued a statement on Thursday asserting that it has not delayed or obstructed the process designed to achieve financial sustainability amid a severe financial crisis.

Petroperú clarified that its requests for comprehensive technical, financial, legal, contractual, and operational information are essential for the board to make decisions with proper substantiation and adhere to legal standards of diligence and transparency. The company stressed that these information requests should not be misconstrued as a refusal, delay, or lack of collaboration.

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Petroperú rejects any assertion that the company, its board, or its administration have sought to delay or obstruct the state-ordered patrimonial reorganization process. Such versions do not align with the institutional conduct Petroperú has maintained since the beginning of the process.

Instead, Petroperú explained that these requests stem from the board's and administration's duty of diligence when facing decisions of significant patrimonial, financial, legal, and operational consequence for both the company and the state. The company affirmed its diligent and collaborative actions in compliance with urgent decrees, providing necessary information and actively participating in coordination efforts.

Petroperú considers it a priority for the planned financial mechanisms to be implemented promptly to bolster the company's liquidity, maintain its payment chain, and ensure the continuity of its operations and fuel supply nationwide. The company reiterated its commitment to the restructuring plan, financial sustainability, operational continuity, and timely fuel supply, pledging to continue operating with transparency, responsibility, and strict adherence to current legal frameworks.

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These requests respond to the duty of diligence that the board and administration must exercise when making decisions of high patrimonial, financial, legal, and operational significance for the company and the State.