LatinNews Daily - 26 June 2024

*The director of Peru’s state-controlled oil company, Petroperú, has announced that the company’s executive board has approved a series of restructuring measures. Petroperú is widely regarded as being on the brink of bankruptcy, having requested a US$2.2bn bailout from the government in May. The company was downgraded last month by the international credit ratings agency Standard & Poor’s (S&P). In an interview with national daily El Comercio that was widely reported in the Peruvian press, Petroperú’s president, Oliver Stark, said that the company would seek a private firm to administer it, which would have executive powers and be responsible for Petroperú’s “general management”. Stark also said that almost all the company’s staff will be transferred to its Talara refinery as part of “efficiency measures”.