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Restructuring of state-owned Petroperu underway, without investment

Lima, Feb 29 (Prensa Latina) The restructuring of the state-owned Petroperu Company got underway on Thursday, after the appointment of a new board of directors and amid a persistent campaign against the national oil company that advocates its privatization.

The measure, which seeks to clean up the enterprise’s damaged economy, does not foresee investments for its development and, instead, the Government decided to grant it a State guarantee of USD$800 million, essentially so that it can pay suppliers of crude oil that Petroperu imports for domestic supply.

The issue is in charge of the Ministers of Economy Jose Arista, and of Energy and Mines Romulo Mucho, who are considered neo-liberal and whose offices, new members of the Board of Directors come from.

Regarding the possibility of privatizing the company, Arista said that the measure requires a political decision, which was discussed in the Council of Ministers that approved the restructuring and “it is not viable, for the moment.”

Meanwhile, Mucho assured that the goal of restructuring is to overcome the company’s crisis, which he attributed to its bad management, for which he has criticized it even before he became minister.