ProInversión contradicts Petro-Perú: The state-owned company has not yet formalized the agreements to obtain the US$2 billion financing

Several days have passed, however, Petro-Perú has not complied with formalizing the SPE, even though its president Edmundo Lizazaburu “confirmed the approval of the aforementioned agreement” at a Council of Ministers meeting held on July 14.

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“To date, the entity (Petro-Perú) does not have the agreements adopted by its Board of Directors,” ProInversión points out in a letter addressed to the president of Petro-Perú on July 20.

“The lack of formalization of these corporate acts makes it impossible to define a precise schedule, which directly affects the structuring and implementation of the instruments required for the channeling of resources,” explains the investment promotion agency.

It adds that this indefiniteness puts the company’s operational capacity at imminent risk due to the immediate repercussions that such delays generate on the payment chain.

Luis del Carpio, president of ProInversión, indicated days ago to this Newspaper that the activation of the SPE will allow an immediate initial monetary injection of US$500 million.

“This financing line will serve to buy crude oil and pay suppliers, because Petro-Perú has to process crude oil to produce marketable products. This is a revolving fund that will return again to the SPE that will be created for that purpose,” he said.

The state agency expected Petro-Perú to formalize the SPE last week to be able to release the first tranche of financing this week.

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Given the delay incurred by the state company, ProInversión considers it imperative to hold a direct meeting with Lizarzaburu on Wednesday, July 22, at 5:00 p.m.

The delay in the formalization of the SPE generates enormous uncertainty, to the extent that the risk rating agency Moody’s warned on July 21 that this limits investors’ visibility on the effectiveness and timeliness of any state support to Petro-Perú.

Why would Petro-Perú be delaying the creation of the SPE? According to sources consulted by this Newspaper, its objective would be for the US$2 billion financing managed by ProInversión to fall through.

And this agency has made it clear that Petro-Perú will not manage that money and that, moreover, it will audit all crude oil shipments it makes from now on.

“Internally, what Petro-Perú would be trying to do is spoil the financing and go look for a new one on its own, which it can manage directly,” said a source consulted by El Comercio.

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