The strengthening of Petroperú as a strategic actor in the hydrocarbon sector is promoted

This Petroperu release was published using machine translation.

Through Emergency Decree No. 023-2022, published in the official newspaper El Peruano, the Executive approved economic and financial measures aimed at avoiding fuel shortages at the national level and maintaining the continuity of Petroperú's operations as a strategic actor. in the value chain of the hydrocarbon sector.

Along these lines, an exceptional capital contribution of 4,000 million soles and a guarantee of 500 million dollars was approved in support of hydrocarbon and biofuel import operations so that Petroperú continues to fulfill its strategic role, serving an important market and reaching to the most remote areas of the country. In this way, the supply of fuels at the national level is guaranteed. It is important to mention that the funds granted through DU No. 023-2022 will be strictly used for the purchase of crude oil and products through Banco de la Nación.

Likewise, the rule provides for the formulation of the Petroperú Strengthening Plan, with the aim of reinforcing the governance and financial sustainability and operations of the company. In this sense, the supply of fuel must be ensured by maintaining inventory levels in accordance with market share; present the new annual and five-year objectives aligned with the National Energy Policy and modify the Bylaws and other corporate instruments to reinforce its principles of good corporate governance.

Similarly, the valuation of the company and preparatory actions for a public offering of shares, within the framework of Law No. 30130, Law that declares the priority execution of the Modernization of the Talara Refinery to be of public necessity and national interest to ensure the preservation of air quality and public health and adopts measures to strengthen Petroperú's corporate governance.

Fuel supply

Dispatches of gasoline and diesel will gradually increase from November 2022, while supply logistics are normalized through the unloading operations of ships located on the Peruvian coast, the preparation of products in refineries and plants and, finally, transfers via cabotage and land to our sales plants nationwide.

The shipments pending discharge on the coast and those that are sailing and have an arrival date are detailed below:

Advances in strengthening

In recent months, the current Board of Directors and the Administration of Petroperú have been working on recovering the confidence of the financial market and other interest groups through a series of actions that have been contributing to overcome the impacts generated by the previous administration, such as downgrades to the company's risk rating.

Along these lines, the audited financial statements for the 2021 financial year were obtained with a favorable opinion, as well as the consent of the bondholders and CESCE for the extension of the presentation of the financial statements. Likewise, the Board of Directors approved a proposed bill for the strengthening and appointment of its directors, based on objective criteria and through transparent and auditable procedures, guaranteeing their independence.

In the same way, Petroperú has prioritized the next commissioning and start of commercial operation of the New Talara Refinery, scheduled for December this year, which will allow the company to once again be an important refiner in the country, substantially improving its profitability and liquidity; as well as continue with the progressive return to oil production activity, having participation in the lots in the northwest.

The Board of Directors and the Administration of Petroperú continue to carry out the necessary actions to promote its strengthening, in order to ensure its sustainability and continue fulfilling its strategic role of guaranteeing the supply of fuel throughout the country.