Petroperú | Petro-Peru writes loss of US $ 111 million in the first quarter of 2025, but discards another salvage | ECONOMY

Alejandro Narváez, president of Petro-Peruhe said in meeting with the economic press that has stopped the economic bleeding of the state company and that does not plan to request an “undercover rescue.”

“At least at this time there is no plan of salvage or debt capitalization, either from the Bank of the Nation or the debt we have with the State. No such thing”He said.

He also declared that he has no intention of giving up his position. This, in reaction to a transcended on its possible departure from Petro-Peru before July 28 due to the lack of support for its management.

On the contrary, the official said that the company is “comparatively better” than in previous administrations.

Thus, he reiterated that his management has reduced the projected losses for 2024, from -us $ 1,030 million to -us $ 742 million, and that he has managed to stabilize the economic results.

In that sense, he said they hoped to obtain results “better and more positive “ In the first quarter of 2025, if it had not been for the spectacular fall of crude oil prices that coincided with the beginning of the tariff war of Donald Trump (Liberation Day) In the last days of March.

“There the prices fell (oil). That hit us harshly and broke our forecasts for the first quarter”Narváez said.

The state calculates, in effect, a net loss of –us $ 111 million for the period January-March as a consequence of the lowest price of the raw wtithat today is quoted at less than US $ 60 a barrel.

“This is a great concern for oil companies, which are registering very bulky losses. And that also affected us”He said.

Fernando de la Torre, former manager of Finance of Petro-Peru, He told this Diary That this explanation has no grip because the lowest price of crude hits oil producers, but benefits refiners, such as the state company.

He also indicated that the figures of the first quarter of 2025: -us $ 111 million net profits and US $ 4 million ebitda, are not enough for Petro -Peru to fulfill their commitments (payments) agreed with the bonists and syndicated credit banks Since June.

In his opinion, this means that the state will have to ask for a new salvage, although it denies it at this time.

Refinery

Petro-Peru officials also said that the Talara refinery is 100% operational, including the Flexicoquing plantthe most valuable and complex of refinent emporium.

This, following multiple journalistic complaints about its malfunction since the beginning of 2024.

They indicated, however, that they foresee a Total detention of the refinery in the next few days, due to weather problems (waves) that have been closed by the northern ports for 18 days.

“That does not allow us to get (embark) products. We have high inventories and we will stop the refinery”He said Oscar Vera, General Manager of Petro-Peru.

The official said, however, that the state has stored almost 2 million barrels of products, between diesel and gasoline, and that their terminals are well supplied with recent imports, so there will be no shortage of fuels.