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Peru Accelerates Petroperú Restructuring, Sets Two‑Week Plan as Creditor Withdraws Insolvency Bid

Officials frame the overhaul as a bid to bring in private operators without selling the company.

Overview

  • ProInversión will publish a promotion plan within about two weeks to define asset blocks via trusts and court investors by June, following a decree issued after losses and roughly US$5.4 billion in debt.
  • Refinería de Talara is poised to be a standalone block under an APP or management contract, with the Oleoducto Norperuano also under review, as authorities stress state ownership and say a sale is not contemplated given liabilities exceed asset value.
  • Talks with banks aim to restore short‑term credit lines without state guarantees, and non‑core assets such as the emblematic San Isidro headquarters are being prepared for monetization.
  • The government targets about a 40% reduction in payroll spending focused on senior management and 36 corporate divisions, has requested Comptroller oversight, and has not set numbers for operational layoffs.
  • Union federations and regional groups are mounting protests and backing repeal efforts in Congress, while UNNA Energía has withdrawn a concursal petition after negotiations with Petroperú.