Petroperu to file financial audit by September after bondholders approve

The office building of Petroleos del Peru (Petroperu), a state-owned company dedicated to the refining, distribution and marketing of fuels, is seen in the San Isidro district of Lima, Peru, July 1, 2016 REUTERS/Janine Costa/File Photo

Join now for FREE unlimited access to Reuters.com

Register

LIMA, May 31 (Reuters) – Peru’s state-owned oil company Petroperu said on Tuesday it would submit the long-delayed audit of its 2021 financial statements by September, after approval by its bondholders.

Petroperu was supposed to submit the documents in May this year, but failed to do so when accounting firm PwC refused to carry out the audit amid a corporate governance crisis at the oil company.

Its missed deadline prompted credit agencies to downgrade Petroperu to junk status and caused its obligations to plummet.

Join now for FREE unlimited access to Reuters.com

Register

Petroperu has two outstanding bond issues, due in 2032 and 2047, for a total of around $3 billion. She used this money to finance her new refinery in Talara.

Under leftist President Pedro Castillo, Petroperu restarted oil production for the first time in decades, after focusing solely on refining and distribution.

Castillo’s administration has gone through several Petroperu chief executives and board chairs amid allegations of corruption and tensions between Peru’s economy and energy ministries, which jointly control the oil company .

Join now for FREE unlimited access to Reuters.com

Register

Reporting by Marco Aquino; Editing by Bradley Perrett

Our standards: The Thomson Reuters Trust Principles.

Comments are closed.