Leadership Shakeup at Petroperu Amid Financial Crisis
Petroperu appoints Roger Arevalo as the new board chairman following Edgar Zamalloa's resignation. Interim president Jose Balcazar considers reversing private participation plans amid the company's restructuring and deepening financial crisis. Petroperu faces massive debt and lost its investment grade, raising concerns about its future arrangements.
- Country:
- Peru
Amid a growing financial crisis, Petroperu, Peru's state-operational oil company, has appointed Roger Arevalo as its new board chairman. This decision follows the unexpected resignation of Edgar Zamalloa, who stepped down after only a few weeks in the position.
The appointment was disclosed in a regulatory filing, highlighting changes under interim president Jose Balcazar, who recently hinted at potentially nullifying a decree supporting private involvement in Petroperu's restructuring.
Petroperu is grappling with significant debt challenges, having lost its investment grade status. The company has been reliant on approximately $5.2 billion in government aid over the past three years as it tackles issues related to its Talara refinery modernization.
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