Peru approves emergency changes for state oil firm Petroperu

Peru’s government has approved an emergency decree allowing private investment in parts of state-owned oil company Petroperu, amid mounting losses and debt. The measure reorganizes Petroperu into asset units, opening the door to private participation in key operations, including the Talara refinery. The company faces financial challenges with accumulated losses of $479m and debts of $764m, exacerbated by the Talara refinery modernization cost overrun. This move comes amidst political instability, economic uncertainty, and calls for stronger oversight in Peru.

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