The Peruvian government has taken action to save state-owned oil company Petroperú from its financial crisis, with a new decree approved to provide urgent assistance. The company is grappling with debts over $8.5 billion, leading to the resignation of its board of directors. The rescue plan includes injecting funds to cover short-term obligations and ensure fuel distribution nationwide.
With a goal to achieve positive cash flow by 2024, Petroperú must implement austerity measures, including staff reductions. The company aims to reduce expenses by 10% this year and 30% in 2025 through voluntary worker exits and department mergers. Technical issues at the main refining unit have also contributed to the crisis.
The government hopes these measures will restore market confidence in Petroperú and eventually make the company self-sufficient. Minister Mucho stressed the importance of imposing corporate discipline to stabilize Petroperú’s finances in the long term.
Petroperú is on a path to recovery, with government support aimed at ensuring its sustainability and financial stability for the future.
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