The Peruvian Government gives a loan to Petroperú to avoid fuel shortages

Lima, May 13 (EFE) .- The Peruvian government granted the state company Petroperú a loan of 750 million dollars to meet its obligations for this fiscal year and thus avoid a «severe limitation» in supply and marketing of fuels, according to official information replicated this Friday.

Through an emergency decree published in the official newspaper El Peruano, the Executive pointed out that the injection of resources responds to the need to prevent Petroperú from failing to comply with its fuel suppliers due to the negative impact of the rise in hydrocarbon prices. and lowering your credit rating.

The document points out that, in the short term, this generated «a serious liquidity problem» for the state oil company, having obligations to expire for a motorcycle of 750 million dollars and whose non-compliance would lead to greater financial pressure on Petroperú, operating cost overruns and shortage of fuel in the country.

«It is necessary and urgent to adopt extraordinary measures aimed at mitigating the adverse effects on the economy that would be generated by a possible shortage of fuel at the national level, which would affect both the population in general and the economic sectors as a whole», justifies the rule.

The loan will be repaid to the Ministry of Economy and Finance by Petroperú in a term that ends on December 31, 2022, with an interest rate equivalent to the reference rate of the Central Reserve Bank in force on the date of disbursement.

In 2021, the state-owned company obtained a share of the diesel and gasoline market of 40% and 55%, respectively, and met 35% of the demand for Liquefied Petroleum Gas (LPG) in the north of the country.

Petroperú’s chairman of the board, Humberto Campodónico, announced last April that last year’s financial statements would probably be audited next July, following the delay caused by the company’s previous administration.

The recent crisis in the Peruvian oil company led the debt rating agencies Standard & Poor’s and Fitch to reduce Petroperú’s credit rating due to the lack of financial transparency, exacerbated by the delay in having last year’s financial statements audited.

(c) EFE Agency