Five investment banks from the US and Europe have reportedly expressed strong interest in helping finance a US$2 billion loan package for Peru’s state-owned oil company, Petroperú, according to Peru’s investment promotion agency, Proinversión. The funds are intended to stabilise the struggling company and ensure continued fuel supplies across the country.
Luis Del Carpio, head of Proinversión, says the first tranche of around US$500 million is expected to be approved by mid-June, with one or two banks likely to participate initially. Additional banks are expected to join later stages of the financing, with the full amount potentially secured by late July or early August. The identities of the banks were not disclosed due to confidentiality agreements.
Petroperú requested the emergency funding in April amid concerns it lacked sufficient liquidity to buy crude oil for its refineries. The company has been undergoing restructuring after years of financial difficulties, worsened by the costly modernisation of the Talara refinery, which exceeded US$6 billion. Petroperú lost its investment-grade credit rating in 2022 and currently carries debts of roughly US$7.9 billion.
Officials insist the new financing will be used solely to purchase crude oil and maintain refinery operations while helping the company recover over the longer term.
