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LatinNews Daily - 17 July 2025
In brief: Peru’s troubled state oil company claims to be turning a corner
*The president of Peru’s state oil company Petroperú, Alejandro Narváez Liceras, has said that the crisis-ridden company is on an improved trajectory and is not planning to initiate bankruptcy proceedings. He said that cost-cutting measures are paying off, noting that “we ended 2024 with losses of US$774m, considering that these were predicted to reach US$1.03bn”. Narváez described the company’s situation as “relatively good” in contrast with previous years and said that Petroperú is seeking a restructuring of its passive debt to delay its repayment schedule, which he downplayed as “a bit of financial engineering”. In September 2024 President Dina Boluarte agreed to pay some of Petroperú’s debts while ordering it to contract a private company to design and manage a restructuring process to guarantee Petroperú’s long-term sustainability.
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