Overview

• A ministerial resolution (No. 447-2025-EF/52) authorized an operation using sovereign bonds to cover obligations tied to guarantees extended to Petroperú.
• The issue totals $287.3 million with maturity in August 2034, following the presidency’s endorsement of support for the state oil firm described as strategic.
• Petroperú’s board reported accumulated losses equal to 53% of capital as of July, triggering the legal duty to convene a shareholders’ meeting.
• MEF guarantees cover a $1 billion trade credit line via Banco de la Nación, and sources say bond financing covered September payments with similar steps viewed as possible through year-end.
• Analysts cite stalled restructuring and a payroll of about 2,880 employees despite planned reductions, while cost overruns at the Talara refinery are blamed for deepening the company’s financial woes.