The government confirmed on March 17 that Petroperú will not be privatized and instead will undergo a strengthening process to ensure its sustainability in the energy sector. This announcement was made during a meeting of the company’s shareholders, which emphasized the importance of Petroperú for Peru’s energy security.
The topic is significant as Petroperú plays a central role in providing energy across critical regions of the country, maintaining over 85% market share as an energy supplier in areas such as Loreto, Ucayali, and Madre de Dios. The company’s stability is seen as vital for both economic and social reasons.
During a session with the Sindicato de Trabajadores Administrativos de Petroperú (STAPP), led by secretary general José Luis Saavedra, support was expressed for efforts to restructure debts and improve liquidity indicators. Minister of Energy and Mines Angelo Alfaro said, “Está descartada la privatización. El compromiso del gobierno es recuperar las capacidades operativas de Petroperú, con medidas concretas para devolverle parte de sus operaciones, reestructurar sus deudas y sentar las bases para que sea la empresa que queremos todos los peruanos.”
Alfaro explained that due to structural solvency and liquidity issues at Petroperú, the government issued Decree of Urgency No. 010-2025 assigning Proinversión to promote private investment and reorganize company assets to attract new capital. A key milestone was reached on February 11 with formal approval of the Promotion Plan and Strategic Guidelines aimed at restructuring through functional economic units called Patrimonial Blocks.
“This structure allows specific business units to transfer operational and commercial risk to the private sector. However, Patrimonial Blocks guarantee beyond doubt that Petroperú remains the legal owner of all its tangible and intangible assets, preventing any third party from acquiring controlling shares against state interests,” Alfaro said.
The minister added that this approach would help form alliances with major market players while ensuring public ownership. He reiterated that strengthening Petroperú remains a government priority due to its essential role in supporting thousands of Peruvians.
