PM: Petroperu trust fund to be managed responsibly and by experts

Photo: ANDINA/Melina Mejía

Photo: ANDINA/Melina Mejía

11:06 | Lima, May. 12.

Prime Minister Luis Enrique Arroyo said on Tuesday that the trust fund for Petroperu will be managed responsibly by an entity separate from the State-owned oil company and by specialists.

"It will definitely be managed responsibly. Petroperu will not control it, as it previously used the funds to pay its debts, pay itself, companies, or bondholders," Arroyo explained.

"Now, the State-run Private Investment Promotion Agency (ProInversion) will do it. They will be responsible for making the payments, and Petroperu is accepting that arrangement," he added.

The high-ranking official said this structure will create a virtuous cycle because a different entity will make decisions regarding the trust fund.

Likewise, specialists and experts will carry out a different kind of management, without the flexibility previously enjoyed by the State-owned oil company.

In that regard, the government's spokesman said the decision adopted by the Executive Branch through Urgency Decree No. 003-2026 is different, but responsible.

"What matters is that it will be carried out through a trust fund mechanism. It will not involve Public Treasury funds, but external financing from international banks. Petroperu will remain State-owned," he told RPP.

One of the reasons for keeping Petroperu is that regions such as Loreto, Ucayali, and Madre de Dios received between 80% and 85% of their fuel from the State-owned company in recent years.

The Cabinet chief noted that the Executive Branch's first objective is to overcome the energy crisis, after which it will also assess the governance and viability of Petroperu, a company with debts exceeding US$7.8 billion.

He explained that the trust fund will begin once financing from international banks is transferred to an entity separate from Petroperu.

With those resources, the State-owned company will continue operating, generate capital, and gradually repay certain debts.

"It is like a safe deposit box. The money goes in and is allocated to specific purposes: purchasing crude oil, overseeing production, and distribution. From there, revenue comes in, capital is generated and secured, which generates profit as well," he indicated.

Arroyo said the refinery owned by Petroperu is a solid asset. Similarly, he expressed hope that it will gradually recover its previous operational standards.

He also said Congress has the authority to repeal Urgency Decree No. 001-2025 on Petroperu's reorganization, although he considered it complementary to Urgency Decree No. 003-2026.

"We hope that does not happen. With Urgency Decree No. 003-2026, I believe we are now seeing a better outlook for overcoming this energy crisis. We are strengthening our position to prevent fuel shortages," he pointed out.

(END) FHG/CVC/MVB

Publicado: 12/5/2026