International banks trust Peru and will finance the State-owned oil company Petroperu's operations with a credit line of up to US$2 billion,
"What is being enabled is a financing line of up to US$2 billion from international banks under a contingent commitment framework," he stated.
The official explained that a special purpose vehicle will be established for this purpose, with a supervised management mechanism and technical governance overseen by ProInversion—an entity trusted by the international banking system.
"Thus, we ensure that the resources are used exclusively to guarantee Petroperu's operational continuity," he stated.
Measure
The Government approved Urgency Decree No. 003-2026 to guarantee Petroperu's operational continuity, ensure fuel supply, and protect the South American country's energy stability amid an international context marked by rising oil prices, liquidity constraints, and financial pressures on the State-owned company.
The regulation marks a turning point compared to previous financing models and represents a financial innovation in the management of State-owned companies.
The official explained that, for the first time, the mechanism does not contemplate resources from the Public Treasury or the use of Peruvians' taxes to sustain the company's operations.
In this way, he noted, the historical model of fiscal bailouts is being left behind and replaced by financing from international private banks under ProInversion's technical supervision.
Financial structure
Del Carpio explained that the approved mechanism contemplates the creation of a special financial structure to protect the new resources and separate them from Petroperu's historical debts.
He added that this "financial shield" will ensure that the funds allocated for operations are not used to cover the company's past obligations.
He further noted that the resources will be managed under a control mechanism supervised by ProInversion.
The resources will be used exclusively and under audit oversight for essential activities such as crude oil purchases, refining, and nationwide fuel supply.
Payments or transfers
He noted that the Urgency Decree authorizes the Ministry of Energy and Mines (Minem) to make payments or financial transfers in favor of national and international entities linked to the contingent commitments contemplated in the mechanism.
Additionally,
Minem may assume short-term contingent commitments of up to US$500 million as a temporary financial facility aimed at ensuring immediate operations while the definitive international financing mechanism is implemented.
In addition, governance and control measures are being incorporated to guarantee efficiency, operational discipline, and accelerated execution.
Among them, Petroperu's Board of Directors must implement the operational provisions linked to the mechanism within a maximum period of five business days.
Meanwhile, ProInversion will approve within no more than 10 days the protocol for the use of resources from international private banks, consolidating a technical process subject to strict control rules.
"Petroperu will continue fulfilling its strategic role for the country, but under a new model focused on sustainability and efficiency," Luis Del Carpio stated.
ProInversion specified that Urgency Decree No. 010-2025, which initiated Petroperu's patrimonial, financial, and operational reorganization process, remains in force and that the State-run investment promotion agency is advancing through the various phases of its implementation.
As part of this process, the company's asset blocks are expected to be established between June and July this year, a measure aimed at strengthening its sustainability and viability in the medium and long term.
The reorganization promoted by the Government seeks to help Petroperu recover financial sustainability and refinancing capacity in the medium term based on technical criteria, transparency, and specialized oversight.
Moreover, it was specified that the process does not imply the company's privatization nor will it affect workers' representation on the board of directors.