Government support for Petroperu is not a bailout operation and seeks to ensure the State-owned oil company’s operational continuity in order to guarantee the country's energy security and prevent the most vulnerable population from being affected,
"We are ensuring that it has sufficient funds to continue operating. But this is not a bailout. We have established conditions for the use of those resources," he said during a press conference held at the
Presidency of the Council of Ministers (PCM).
Through Urgency Decree No. 003-2026, published today, the Ministry of Energy and Mines (Minem) was authorized to assume contingent commitments with domestic or international entities, within the framework of the operation regulated under this article.
The authorization covers up to the equivalent in domestic currency (Peruvian soles) of US$2 billion, exclusively to finance the operational continuity of Petroperu.
Energy security amid global context
The government official explained that the rationale behind this Urgency Decree stems from the global context and the potential impact it could have on energy security.
"The price of a barrel of oil has already exceeded US$100 on the international market. This has put Petroperu's refining process on alert," Minister Acuña said.
The Cabinet member noted that nearly 85% of Petroperu's production is sent to rainforest regions, where —according to the National Institute of Statistics and Informatics (INEI)— poverty has increased.
"Clearly, if fuel prices were to rise in those areas, the inflationary process would be disastrous," he indicated.
Acuña continued that, in addition to the shortage existing in that area, where product prices are higher, this would have a significant impact on such a vulnerable population.
Guarantees
The government official underscored that no public resources are being used in this operation.
"Nor will we affect the funds allocated to electrification projects or those required by other State entities," Acuña said.
"What is important is to understand that this operation will generate not only financial stability for the company, but economic stability for large areas of the country as well," he concluded.