SPH: Petroperú's new board of directors must comply with the restructuring measures approved by the government to regain the confidence of investors and Peruvians

The following is a machine translation of a Peruvian Hydrocarbons Society release

Lima, November 2024.- The Peruvian Hydrocarbons Society (SPH) considers it essential that the new Board of Directors of Petroperú comply with the obligations established by Emergency Decree No. 013-2024 that approved the fifth economic and financial restructuring plan of the company, in order to generate operational and financial efficiencies, as well as carry out a process of transformation of the management model that allows guaranteeing its viability in the short and long term.

In this regard, Felipe Cantuarias, president of the business association, stated the following: “We hope that the new administration will fulfill its duty to convene a Chief Transformation Officer and establish a Transformation Process Management Office, in order to achieve the sustainability of Petroperú. The board of directors and its managers must assume a key role in the direction and supervision of the company, ensuring the efficient and effective use of public resources that finance operations and projects,” he explained.

The main hydrocarbons union also urged the new Board of Directors to maintain the restructuring plan approved by the outgoing Board, chaired by Oliver Stark, which proposes a viable solution for the company, and to avoid repeating wrong decisions from the past, such as wanting to expand its operations or invest in new projects.

Deep restructuring

The SPH insisted on the need to implement a plan for the deep restructuring of Petroperú's business, in order not only to restore investor confidence, but also to demonstrate the government's commitment to transparency, good governance and responsible management of public funds.

“Management aligned with the restructuring objectives must be the way to position Petroperú as a solid and reliable company in the market, capable of generating value and contributing sustainably to the country's development,” Cantuarias concluded.

Finally, the SPH also requested that the new Board promote and respect free competition and seek to work hand in hand with the private sector to ensure the supply of fuel to all regions of the country.