Overview
- Alejandro Narváez sent notarial letters to the economy and energy ministries seeking a review of his removal, arguing required formalities were skipped and no shareholders’ act is registered with SUNARP.
- The interim government previously removed Narváez and named Fidel Augusto Moreno as acting board president, a change the securities regulator said took effect following a shareholders’ meeting on Oct. 17.
- Petroperú unions rejected the ouster as an 'express' move they say violated procedure, accused authorities of pushing privatization, and demanded Narváez’s reinstatement.
- Former officials and sector experts called for a full board refresh, a transparent financial reckoning, and evaluation of alternatives including a strategic partner, inclusion under FONAFE, or a sale.
- The company’s strain includes a US$774 million loss last year, an expected US$223 million loss this year, heavy debt near three times equity, and cost overruns at the Talara refinery totaling about US$6.5 billion.