*Peru’s President Dina Boluarte has issued a decree granting emergency funding to ease a liquidity crisis afflicting the state oil company, Petroperú. The decree authorises an US$800m loan to Petroperú from the state-owned bank Banco Unión, as well as a credit line of up to US$500m. The company has incurred heavy debts related to the construction of its new Talara refinery, which went significantly over budget. The new energy & mining minister, Rómulo Mucho Mamani, told the Peruvian news agency RPP on 20 February that Petroperú is “bankrupt”. Nevertheless, the decree authorising the financial bailout stated that the emergency funds “will allow the continuation and the culmination of the launch of the new Talara refinery” as well as “alleviating the cashflow pressures on Petroperú by avoiding delays in the purchase and importation of crude and products whose shortages represent an imminent risk for its operations”.
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