Energy
Board of Ailing Oil Firm Petroperu Pushes Government to Privatize
- Ailing energy company would need $2.2 billion to stay afloat
- But directors say new a bailout would be ‘act of immorality’
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The board of struggling state-owned oil company Petroleos del Peru SA is pushing the government to sell a majority stake in the company to the private sector as losses continue to mount.
In a statement Monday, Petroperu’s board said it had formally asked the government to put the company under “private management” rather than seeking a $2.2 billion bailout needed to continue operating. Petroperu recently lowered its 2024 financial guidance due to an outage at its new Talara refinery.