Peru's Petroperú Seeks Private Investment in Over US$7 Billion Debt Restructuring

en.Wedoany.com Reported - On October 16, Jorge Ramos of ProInversión, restructuring advisor to Peru's state-owned oil company Petroperú, disclosed at the Perú Energía Norte 2026 forum that the company is advancing a restructuring plan involving seven asset segments and studying the introduction of private capital to improve its operating and financing conditions. Petroperú's total debt currently exceeds US$7 billion. Ramos expects that if management and operating conditions improve, the company could re-enter the capital markets and carry out debt refinancing in about three years.

The restructuring plan proposes dividing Petroperú's assets into seven investment promotion and asset management segments, separately assessing operating returns, capital requirements and conditions for private investor participation. The assets under evaluation include oil terminals, refineries and other operating assets, with the South Peruvian oil terminal listed as a possible priority cooperation target. Ramos said the arrangements will study introducing private capital by business unit while retaining Petroperú's product sales capability and control over important business operations.

The Oleoducto Norperuano pipeline has also been included in discussions on potential cooperation. Ramos proposed studying the participation of investors and operators of the Lote 192 and Lote 64 oil and gas blocks in pipeline cooperation, so that investment in oil and gas production and transportation facilities can be linked.

On financing arrangements, Petroperú has obtained approximately US$475 million, part of which is used to secure crude oil supply for the Talara refinery and to meet supplier payment obligations. Ramos said the company plans to obtain a further US$2.5 billion by mid-November at the latest, as part of the previously proposed financing arrangement of approximately US$3 billion. Petroperú is also negotiating payment agreements with crude oil producers in northern Peru and seeking additional bank credit lines.

The Talara refinery at times reached a crude oil processing level of 85,000 to 95,000 barrels per day but was unable to sustain this throughput. Ramos attributed part of the operational difficulties to operating arrangements, safety conditions and backup power system issues in the early stage of commissioning, and called for improving crude oil procurement conditions and refinery operations management.