Petroperú maintains continuity of its business lines of action

This is an automated translation of the original release published in Spanish.

Petroperú statement

Faced with journalistic versions of alleged discrepancies in the general orientation of the company after the resignation of two members of its Board of Directors, Petroperú clarifies the following:

1. The functions of the Chairman of the Board of Directors are the responsibiity of the vice president of said instance, the petroleum engineer Pedro Oswaldo Chira Fernández, who has extensive experience in the sector, while the General Shareholders' Meeting appoints the new members of the Board of Directors.
2. It is false that the general manager, Cristina Fung Quiñones, who remains in the position, has resigned.
3. Petroperú maintains the continuity of its business orientations unchanged, especially its expression of interest to access blocks I, VI, X and Z2B – the latter in alliance with an operating partner – of Talara, for which the company is technically prepared and whose future development is financially viable from the resources generated by these deposits. There is no relationship between this topic and the changes in the company's Board of Directors.
4. In line with its Strategic Plan, approved by the Ministry of Energy and Mines on March 25, 2023, Petroperú promotes its vertical integration, one of the most important components for the sustainability of the company, as well as a source of new resources to improve its financial situation. The incorporation of an operating partner for Block 192 is in process, as are the actions that allow it in Block 64.
5. As part of the Strengthening Plan established in DU 023-2022, the company continues its restructuring process in order to strengthen its governance, financial sustainability and its operations, as well as its administrative reorganization, with the international specialized advice of the consortium Arthur D. Little / Columbus HB Latam Inc., the same that must be presented by the end of July 2023.
6. As part of this strengthening, Petroperú is integrating environmental, social and governance (ESG) standards and criteria in order to guarantee an environmentally and socially responsible administration, and with good corporate governance; already has a baseline and develops this process with the advice and support of the prestigious consultancy IHS-Markit / S&P Global. Likewise, the auditing company Gaveglio, Aparicio y Asociados Sociedad Civil de Responsabilidad Limitada has been carrying out the audit of the 2022 Financial Statements.
7. At the commercial level –and within the framework of its safe, gradual and progressive start-up– the New Talara Refinery is already producing and marketing diesel and low-sulfur gasoline, while tests are being carried out in the conversion units and progress is being made towards covering the full range of products for the market. In this regard, Petroperú is committed to putting this modern refinery complex into full operation this year, in order to improve air quality and reduce the health costs of Peruvians; as well as contribute to the sustainability and energy security of the country.